Robinhood reports $26 billion worth of cryptocurrencies under management on the platform in the first quarter of 2024. Robinhood's revenue from crypto has increased by more than 230% compared to last year.
Robinhood owned just over $14 billion in crypto assets as of the last quarter of 2023. The jump to the end of March is a 78% jump from the end of 2023. “Transaction-based revenue increased 59% year-over-year to $329 million, primarily driven by cryptocurrency revenue of $126 million, up from 232%,” said Robinhood's first quarter results are visible.
The Robinhood earnings report came after the online broker announced that it had received a Wells Notice on Monday over crypto trading on its trading platform.
Also read: Robinhood Poised for Legal Victory Against SEC in Crypto Case: Analysts
Improved market conditions have benefited Robinhood as well as other exchanges. Coinbase also saw big gains in the first quarter of 2024 on the back of the crypto boom. The approval of Spot Bitcoin ETFs in January was something of a catalyst in this rise in cryptocurrency value and investments.
“We continued to aggressively execute on our product roadmap in the first quarter, leading to record highs for net deposits and gold subscribers,” said Vlad Tenev, CEO and co-founder of Robinhood. “The second quarter is off to a strong start, with April being our highest month of the year in terms of net deposits and gold subscriber growth. We are excited to see the strong interest from more than 1 million customers in our Robinhood Gold Card.”
Shares of Robinhood rose 7% in after-hours trading on Wednesday.