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Robinhood has reported a remarkable first-quarter performance, primarily driven by a significant surge in cryptocurrency trading. The platform saw its notional crypto trading volume skyrocket by 224% to $36 billion, leading to a 232% increase in crypto-related revenue, which hit $126 million. This surge contributed to an overall transaction-based revenue jump of 59% from the previous year, totaling $329 million.
The company also experienced a strong growth in user-held crypto assets, which climbed 78% to reach $26.2 billion as of March 31. These numbers not only highlight the strengthening position of Robinhood in the crypto market but also align with the positive trends seen in other crypto businesses, like Coinbase, which also reported excellent first-quarter results.
Despite receiving a Wells Notice from the U.S. Securities and Exchange Commission, which CFO Jason Warnick addressed as “business as usual” for their crypto operations, Robinhood continues to thrive. The company outperformed expectations with quarterly revenues of $618 million and earnings of $0.18 per share, sending its shares up by 7% in post-market trading.
