Summary
TLDR: Robinhood’s crypto trading volumes increased 10% in February, reaching levels not seen since mid-2022. The company’s crypto revenue had declined in Q3 but rebounded in Q4. The launch of US spot bitcoin ETFs contributed to the increase in trading volumes. Robinhood also expanded its crypto trading offering to the EU. CEO Tenev sees potential for growth in the crypto market. The latest volumes do not include recent trading activity as bitcoin hits new all-time highs.
Key Points
1. Robinhood’s crypto notional trading volumes in February rose 10% from January, matching a level seen only one other month since the middle of 2022.
2. The $6.5 billion worth of crypto volumes on the investment platform last month equaled those seen in December, reaching a mark not seen since May 2022 when Robinhood notched $6.6 billion worth of crypto-related trades.
3. Robinhood’s crypto trading volumes hit a low point last September at $1.2 billion, but transaction-related crypto revenue jumped to $43 million during the fourth quarter, helping its overall transaction-based revenues rise 8% year-over-year to $200 million.