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ARK Invest: Robinhood is transforming into a financial super app, with the growth engine not being trading but Gold subscription services
BlockBeats News, May 6 — Nick Grous, Head of Consumer Internet and Fintech Research at ARK Invest, posted that Robinhood’s real growth core is not its trading business, but its monthly $5 subscription service Robinhood Gold (membership subscription service).
The article notes that Robinhood’s first-quarter trading revenue was below expectations, but the trading business itself is cyclical. What is more worth attention is that Gold is gradually becoming the entry point to the platform ecosystem. Gold users can access services such as banking, credit cards, portfolio management, margin trading, a 3.35% yield on idle cash, and research tools. By the first quarter of 2026, Gold’s penetration among depositing users has risen to 15.8%, and nearly 40% of new users directly enable it when they register. The data shows that Gold users’ total assets are 5 times that of ordinary users, their deposit growth rate is 1.2 times higher, and the probability of opening retirement accounts is 3.3 times higher.
In addition, after Robinhood Banking launched for two quarters, its deposit balance grew from about $100 million to $1.6 billion. The number of Gold Card holders increased by approximately 4 times year over year to 765,000. ARK Invest believes that Robinhood is shifting from a cyclical brokerage platform to a “financial super app” centered on banking, payments, and investing. And this growth “flywheel effect” is still in its early stages.