Robinhood is reporting $26 billion worth of cryptocurrencies under the platform’s custody in Q1 2024. Revenue for Robinhood from crypto grew over 230% from last year.
Robinhood held just over $14B in crypto assets in the final quarter of 2023. The jump to the end of March is a 78% jump from the end of 2023. “Transaction-based revenues increased 59% year-over-year to $329 million, primarily driven by cryptocurrencies revenue of $126 million, up 232%,” according to Robinhood’s Q1 Results exhibit.
The Robinhood earnings report came after the online broker disclosed it had received a Wells Notice over crypto trading on its trading platform Monday.
Also Read: Robinhood Poised for Legal Victory Against SEC in Crypto Case: Analysts
Improved market conditions have benefitted Robinhood as well as other exchanges. Coinbase netted extensive profits in Q1 2024 as well due to the crypto boom. The approval of Spot Bitcoin ETFs in January was a certain catalyst in this rise in cryptocurrency value as well as investments.
“We continued to aggressively execute on our product roadmap in Q1, leading to all-time highs for Net Deposits and Gold Subscribers,” said Vlad Tenev, CEO and Co-Founder of Robinhood. “Q2 is off to a strong start with April being our highest month of the year for Net Deposits and Gold Subscriber growth, and we’re excited to see strong interest from over 1 million customers in our Robinhood Gold Card.”
Shares of Robinhood were up 7% in post-market trading on Wednesday.
