- Robinhood reported a 161% rise in revenue from cryptocurrency transactions to $81 million.
- In Q2, notional trading volumes reached $21.5 billion, up 137% from the previous year but significantly lower than in Q1.
The commission-free brokerage company Robinhood released its second quarter profit results on Wednesday afternoon. The results showed significant year-over-year increases in trading volume and bitcoin transaction income.
According to the trading platform, profits from cryptocurrency transactions climbed to $81 million, a 161% increase from the same time last year. That amounted to twice as much as Robinhood made this quarter in equity transaction revenues.
As per its report, options produced $327 million for Robinhood during the quarter, making it the company’s largest income stream.
According to the corporation, its “notional” trading volume for digital assets increased to $21.5 billion, a 137% increase from 2023 when the price of popular tokens like ether and bitcoin was falling. Comparing the period’s trade volumes to the $36 billion from the first quarter of this year, there was a considerable decline.
Bitstamp, a cryptocurrency trading platform, was acquired by Robinhood in June. According to Robinhood, Bitstamp is a large cryptocurrency exchange with clients in the US, EU, UK, and Asia and more than 50 active licenses and registrations worldwide.
How much of a boost the Bitstamp acquisition is or will be is unknown. According to Robinhood’s second-quarter earnings report released on Wednesday, the company had 11.8 million monthly active users, a 9% increase over the June 2023 period.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
