Robinhood reported a massive surge in crypto revenues, soaring over 300% in the third quarter to $268 million, pushing total revenues to $1.27 billion — well above expectations. Shares of Robinhood (HOOD) climbed 4.15% at Wednesday’s close after the brokerage posted stronger-than-expected earnings of $0.61 per share, surpassing forecasts of $0.53.

Transaction-based revenues jumped 129% year-over-year to $730 million, primarily fueled by crypto trading activity. Options revenue rose 50% to $304 million, while equities trading revenue increased 132% to $86 million. CFO Jason Warnick highlighted that Robinhood continues to diversify its business with new ventures like Prediction Markets and Bitstamp, each generating over $100 million in annualized revenues.

Robinhood’s customer base expanded to a record 26.8 million funded accounts, with platform assets up nearly 120% to $333 billion. The company is also growing its global presence through acquisitions, including Bitstamp in Europe and WonderFi in Canada, strengthening its foothold in the international crypto market.

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