According to ARK Invest analyst Nick Grous, on May 6, Robinhood’s core growth driver has shifted from trading to its Robinhood Gold subscription service. The $5 monthly membership reached 15.8% penetration among depositing users in Q1 2026, with nearly 40% of new registrations directly activating Gold upon signup. Gold users hold 5 times more assets than standard users and show 1.2 times higher deposit growth rates and 3.3 times higher retirement account adoption.
Robinhood Banking deposits grew from approximately $100 million to $1.6 billion within two quarters of launch. Gold Card holders increased 4-fold year-over-year to 765,000, signaling expansion beyond its core brokerage business toward banking, payments, and wealth management services.
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