Crypto:
30188
Bitcoin:
$69.625
% 4.74
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.625
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Robinhood Crypto Revenue Soars 232% in Q1

Robinhood

The notional cryptocurrency trade volume on Robinhood (HOOD) in the first quarter grew by 224% as compared to the same period last year to $36 billion, showing yet another splendid performance in the financials of the firm.

This surge in crypto trading brought the cryptocurrency revenue up 232% to $126 million. The business’s total transaction-based revenue was $329 million, an increase of 59% from the previous year. Robinhood’s user-held cryptocurrency holdings were $26, up 78% from the end of 2023, the user-held cryptocurrency holdings of Robinhood were $26. The dollar value of this foreign currency holding was an unrealized gain of Rs. 2 billion by March 31.

The trading platform also overperformed analyst forecasts in the first quarter. Despite expectations of $552.7 million, the business posted total sales of $618 million. Relative to the estimated mean of $0.06, earnings per share amounted to $0.18. After the results of these data findings were declared, shares of Robinhood gained 7% in Wednesday’s after-market trading. Robinhood, a cryptocurrency trading site, lost fewer shares in comparison to Coinbase.

As for its cryptocurrency unit, the United States Securities and Exchange Commission sent a Wells Notice to Robinhood. This notice is going to be enforced to take effect by legal enforcement. Nevertheless, the company’s officials asserted that the cryptocurrency assets that their platform offers are not considered securities under the existing laws.

In all, 9 million comes from the fact that the increase from the previous year was 810,000. Even more remarkable is the 65% year-over-year growth of custody assets, which now stand at $129 billion. Robinhood attributes some of this growth to the increased activity in the stock and cryptocurrency markets during the first quarter. Already before the earnings report, the stock had gained around 40% year to date, showing strong market performance.

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