Crypto Trading Boom Sends Robinhood’s Revenue Past $1 Billion

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....

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 […]

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 had a net loss of $1.32 billion this past quarter, recording a plunge of 78% in revenue from crypto transactions from 2Q. Their shares dropped 12% to $34.80 at 9:46 a.m. in New York, $38 below the IPO price in late July, Bloomberg reported. Analysts had estimated Robinhood Markets Inc. would have a total revenue of $423.9 million during an earlier Bloomberg survey, but the numbers fell short hitting only $364.9 million. Vlad Tenev, Robinhood’s Chief Executive Officer, had predicted that the trading activity would tumble in the third quarter of 2021 and fewer accounts would open.....

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....