Robinhood: 161% Crypto Revenue Surge, $81M in Q2
Prominent trading company Robinhood released its Q2 financial statement amid the current carnage, and cryptocurrency did not disappoint. The study states that the company’s revenue from crypto transactions climbed 161% yearly to $81 million, doubling its $40 million revenue from equity. In its Q2 financial statement released on Aug. 7, the trading firm disclosed that the $21.5 billion in trading volume represented a 40% decrease from Q1 2024 but a 137% increase from Q2 2023. According to Robinhood, this was caused by a decline in monthly active users in Q2 as cryptocurrency values dropped. Elaborating on the same, Vlad Tenev, the CEO of Robinhood, said: “When the crypto markets are hot there’s a huge immediate spike in monthly active user engagement metrics but then when crypto cools down that tends to drop more.” With $20.6 billion in cryptocurrency assets under custody, Robinhood has increased its holdings by 57% in just a year. More net deposits and rising cryptocurrency values...