Robinhood crypto trading volume up 224% YoY to $36 billion in Q1
Robinhood crypto trading quantity up 224% YoY to $36 billion in Q1 Robinhood crypto trading quantity up 224% YoY to $36 billion in Q1
The firm additionally reported fable revenues of $618 million for the quarter.
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Robinhood reported $36 billion in crypto notional trading quantity all the plan through the predominant quarter of 2024, a 224% increase year over year.
The company additionally reported fable get revenues of $618 million, up 40% year over year.
The total revenues integrated $329 million derived from transaction revenues, which integrated revenue generated from its crypto enterprise â making up $126 million of the full, a 232% increase year over year.
$157 million in get profits
Robinhood reported a first-quarter get profits of $157 million versus a get lack of $511 million all the plan through the similar length a year in the past. Its diluted earnings per share (EPS) stood at $0.18 for the quarter.
The firm reported $26.2 billion in resources linked to user cryptocurrencies safeguarding duty and the similar quantity below the liabilities and stockholder fairness category.
The newest outcomes surpass external expectations. CNBC talked about analysts surveyed by the London Inventory Alternate Neighborhood expected Robinhood to fable $549 million in first-quarter revenue and diluted EPS of $0.06.
The fee of Robinhood stock (HOOD) used to be down 0.78% on Might perhaps 8 but up 3.64% after hours.
Wells judge
Robinhood executives commented on the present Wells Scrutinize issued against the company’s crypto unit by the US SEC all the plan through the earnings call. The judge signifies that staff on the SEC intend to recommend enforcement action against Robinhood Crypto.
In defending with investor questions, executives affirmed that Robinhood takes a “conservative methodology” to listings and products with regulatory concerns. They additionally acknowledged that they “firmly have” buyers must absorb gain entry to to crypto as an asset class.
Robinhood has beforehand acknowledged that it made efforts to conform with regulations and register with the SEC. The company additionally acknowledged that it does have the resources it lists are securities and warranted customers that the awareness is no longer going to electrify providers.
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Mike Dalton
Forward of transitioning to crypto writing in 2018, Mike studied library and recordsdata sciences. For the time being, he resides on Canada's West Fly.
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his abilities worldwide for over a decade. Specializing in monetary journalism, he now specializes in crypto reporting.
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Robinhood
Robinhood is an American monetary providers firm headquartered in Menlo Park, California that used to be founded in April 2013 by Vladimir Tenev and Baiju Bhatt.
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