Robinhood, SoFi and Affirm Get Crushed as Bitcoin Slips and Democrats Take Congress

Retail-facing fintech just got whacked. Robinhood Markets fell 12%, now at $76.91, leading a selloff that also dragged SoFi Technologies down 9% to $15.79 and Affirm Holdings down 8% to $69.60. The trigger list is short: Bitcoin is sliding, Washington is about to change hands, and the post-midterm rally from November 4 has run out of gas.

Bitcoin traded at $76,003, off 5% in 24 hours, as investors rotated out of riskier assets. Of the three fintechs, Robinhood wears the most crypto exposure — digital-asset trading feeds its transaction-based revenue, and that line was already thinning. The company reported $100 million in cryptocurrency revenue for Q2 2026, a 38% drop year over year, even as options, equities and event contracts kept growing.

Then came the political punch. Democrats won control of both chambers of Congress, and Stifel chief Washington policy strategist Brian Gardner told Yahoo Finance the crypto industry's Clarity Act is now off the table for the lame duck session. Gardner also expects Senator Elizabeth Warren, in line to chair the Senate Banking Committee, to launch investigations into crypto firms alongside Wall Street banks and private equity. That's a bigger regulatory target on Robinhood's back, especially given its reliance on payment for order flow.

The pain isn't evenly spread, and that's the tell. PayPal slipped just 2% to $58.82, while Block fell 4% to $84.24. Sellers are hunting the high-growth, high-volatility names, and Robinhood, SoFi and Affirm fit that profile down to the ticker.

Each carries a different wound. SoFi runs as a digital bank with its own charter, funding loans through member deposits, which makes it more sensitive to credit conditions and rates than crypto prices — though it does offer SoFi Crypto. Affirm's buy-now-pay-later network makes money on merchant fees and consumer interest, funded through warehouse lines, securitizations and loan sales, so its story hinges on adding merchants and keeping credit steady while regulators keep circling.

Next up: October's jobs report lands November 6, the immediate macro test for rate-sensitive lenders like SoFi and Affirm. Affirm still has an earnings report ahead, a chance to reset the narrative after CEO Max Levchin called the fiscal fourth quarter its most profitable ever and told analysts the consumer is doing fine. For Robinhood, the question is simpler — whether Bitcoin steadies enough to bring crypto traders back to the app.