62% of Robinhood’s Q2 crypto revenue was from Dogecoin trading
Around 41% of Robinhood’s quarterly revenues were generated by crypto trading. Popular retail trading app, Robinhood, has revealed crypto trading surged in popularity on the platform and now represents 41% of its revenue.According to its second-quarter financial results published Aug. 18, the firm generated $233 million from crypto trading services for the quarter, up from $5 million for the entirety of 2020. More than 60% of funded Robinhood accounts traded digital assets during Q2 2021.With early 2021 witnessing the speculative dog-token trading frenzy, a whopping 62% of Robinhood’s....
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Dogecoin is now Robinhood’s biggest crypto money maker. Trading from the meme coin accounted for 62% of crypto revenue for the trading app in the second quarter of the year. The coin had grown to popularity when people had needed a quick way to buy the coin. This was following the growing popularity of meme […]
Trading platform Robinhood has reported that 40% of its cryptocurrency transaction-based revenue was attributable to transactions in the meme cryptocurrency dogecoin in the third quarter. By comparison, dogecoin accounted for 62% of the company’s transaction-based revenue in the second quarter.
Dogecoin Trading on Robinhood
Robinhood Markets Inc. stated in its quarterly filing with the U.S. Securities and Exchange Commission (SEC) Friday:
For the three months ended September 30, 2021, 40% of our cryptocurrency transaction-based revenue was attributable to....
Wolfe Research has told investors to consider the "outsized contribution" Dogecoin trading has made to Robinhood's recent growth. Robinhood’s recent disclosure of the major boost that crypto has contributed to its second-quarter financial earnings is worrying some financial analysts, largely due to the “outsized” role that Dogecoin (DOGE) trading has played.In an investor note this week, Wolfe Research’s Steven Cubak warned that “Robinhood’s growth within crypto is nothing short of remarkable, but the outsized contribution from Dogecoin simply cannot be ignored.”As reported, Robinhood’s Q2....
Robinhood has grown so much this year thanks to increased interest in Dogecoin. The trading platform recently revealed that crypto trading made up 50% of its revenue for the second quarter of the year. And that number is expected to grow as Robinhood’s focus falls on crypto. This is why the most recent feature that […]
Market analysts are nonplussed by HOOD stock price as long as it continues to ramp up its presence in the cryptocurrency trading space. As Robinhood struggles with its declining share price, could ramping up its cryptocurrency offerings help boost the company’s outlook?Robinhood is a financial services company that also acts as a retail trading platform for ordinary users. It's known for meme stocks and currently offers seven cryptocurrencies for trading.Since Aug. 4, Robinhood (HOOD) has fallen nearly 70% from its ATH of $70.39 to $25.94, and it’s been below the $38 IPO price for weeks.....