Robinhood has reported a 112% year-over-year increase in cryptocurrency trading volume, reaching $14.4 billion in the third quarter of 2024.<\/p>\n
However, this surge comes amid a decline in trading activity compared to earlier in the year, with volumes peaking at $36 billion in the first quarter and dropping to $21.5 billion in the second quarter.<\/p>\n
Despite this slowdown in momentum in 2024, the trading platform experienced growth in its transaction-based revenue. The report <\/a>indicates that income increased by 72% compared to the previous year, reaching $319 million. Of this, cryptocurrency trading accounted for $61 million, representing a 165% increase compared to last year. However, this figure was down from the $81 million generated<\/a> in the previous quarter.<\/p>\n Overall, the company reported a net income of $150 million and total revenue of $637 million for the third quarter. However, these results fell short of analysts\u2019 expectations.<\/p>\n The reported earnings per share (EPS) of $0.17 fell short of the Zacks Consensus Estimate of $0.18, while total revenue was 3.6% below the anticipated<\/a> $661.2 million.<\/p>\n Other parts of Robinhood\u2019s business also showed strong performance. Options trading revenues surged to $202 million, up 63% from the same period last year, and equities trading brought in $37 million, reflecting a 37% increase.<\/p>\n The company also revealed a rise in its Assets Under Custody (AUC). The metric grew by 76% year-over-year to $152.2 billion, fueled by net deposits from users and increased valuations of stocks and cryptocurrencies.<\/p>\n Vlad Tenev, CEO and co-founder of Robinhood expressed his pride in the results, stating that they were a testament to how well the company\u2019s \u201cproduct engine is humming.\u201d<\/p>\n Further, he highlighted recent initiatives such as the launch of Robinhood Legend, a new desktop platform, and the upcoming introduction of index options, futures, and a realized profit and loss tool.<\/p>\n Chief Financial Officer Jason Warnick noted the quarter\u2019s overall strength, pointing to 36% year-over-year revenue growth that largely contributed to the bottom line.<\/p>\n Since launching its cryptocurrency unit in February 2018, Robinhood has expanded<\/a> its offerings through various partnerships and initiatives.<\/p>\n Initially starting with Bitcoin and Ethereum trading, the stock brokerage firm has since broadened its offerings to include Litecoin, Uniswap, Avalanche, Chainlink, and various other tokens.<\/p>\n The post Robinhood Reports 112% Jump in Crypto Trading Volume, but There\u2019s a Catch<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Robinhood has reported a 112% year-over-year increase in cryptocurrency trading volume, reaching $14.4 billion in the third quarter of 2024. However, this surge comes amid a decline in trading activity compared to earlier in the year, with volumes peaking at $36 billion in the first quarter and dropping to $21.5 billion in the second quarter. […]<\/p>\n","protected":false},"author":0,"featured_media":17521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17520"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17520"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17520\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17521"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Robinhood Executives Comment on Q3 Results<\/h2>\n