Robinhood Stock Drops Nearly 9% as Record $6.3 Billion Binance Hack Crushes Crypto Sentiment

Robinhood Markets shares fell as much as 8.85% on Friday after Binance disclosed a $6.3 billion hack, the largest theft in crypto history, hammering sentiment across digital assets and the stocks tied to them. Binance suspended all deposits and withdrawals while working with law enforcement, and said it would cover all losses, including roughly $3 billion that had already been frozen. Crypto markets and crypto-linked equities largely ignored the pledge.

The selloff hit Robinhood particularly hard because cryptocurrency trading is a meaningful part of its revenue. The company reported Q3 2026 revenue of $1.42 billion, up 12% year-over-year and the highest figure among the major crypto-linked stocks, yet HOOD shares are down 43% from their highs as Bitcoin has fallen 38.5% from its $126,000 peak. Coinbase fell 12.78%, Galaxy dropped 10.81%, Riot slid 10.19%, and Circle lost 9.41% on the day, with nearly every crypto stock declining more steeply than Bitcoin itself.

The Binance hack accelerated a broader pattern in which crypto equities have acted as leveraged proxies for Bitcoin. Six of the nine major crypto stocks tracked by Cointelegraph reported revenue growth in their most recent quarters, yet all nine have outpaced Bitcoin's decline from its high. Robinhood options volume was rising by midday, signaling active hedging or speculative positioning around the continued volatility.