Monday, March 4, 2024

Robinhood crypto trading rises 75% in Nov, CEO tips ‘9 figures’ in revenue

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Crypto-friendly trading platform Robinhood has reported a 75% month-on-month enhance in digital asset trading quantity in November.

In an 8-Ok filing to the Securities and Trade Fee on Dec. 4, Robinhood famous that “November Crypto Notional Trading Volumes have been roughly 75% above October 2023 ranges.”

The exercise nonetheless fairness trading volumes and choices contracts traded have been roughly flat in the identical month in comparison with October.

The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the 12 months in its Q3 outcomes submitting.

In consequence, its Q3 revenue got here in under analyst estimates for the quarter at $467 million. Transaction-based revenues declined by 11% year-on-year to $185 million, largely because of the fall in crypto volumes over 202

Robinhood’s 8-Ok report displaying preliminary working information for November 2023. Supply: SEC

Robinhood could possibly be eyeing a extra worthwhile fourth quarter in mild of the latest crypto market rally, which has seen whole capitalization surge 40% to $1.6 trillion over the previous two months.

Robinhood co-founder and CEO Vlad Tenev informed buyers in a November earnings name that the platform might finally reel “9 figures” in annual revenue.

Talking to Yahoo Finance on Dec. 4, Tenev stated that retail buyers have been beginning to present curiosity in crypto once more.

“You are beginning to see retail buyers get up to sure segments of the rally, and in crypto exercise, you are seeing a groundswell,”

“What tends to occur is, as we’ve seen in the previous, as the worth of Bitcoin approaches all-time highs, the media protection and depth will increase,” he stated earlier than including, “I feel that performs a task additionally.”

Associated: Robinhood to roll out US stock trading in British market

HOOD costs have gained this 12 months, up simply 18% because the starting of 2023. The corporate inventory nonetheless has been down-trending since mid-July after reaching a 2023 excessive of simply over $13. HOOD was priced at $9.95 in after-hours trading after gaining 2.5% each day.

Along with launching equities to U.K. markets, Robinhood plans to launch futures trading in 2024, pending regulatory approval.

In August, Cointelegraph reported that Robinhood had accumulated 118,000 BTC price round $3 billion on the time.

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