NEW: Robinhood’s Crypto Revenue Hits $43 Million, Surpassing Expectations and Signaling Expansion Plans

Robinhood’s latest earnings reveal a significant uptick in cryptocurrency revenue, hitting $43 million and contributing to an 8% rise in transaction-based revenues, totaling $200 million. Despite a slight decrease in monthly active users to 10.9 million, the company witnessed a remarkable 65% year-over-year increase in assets under custody, reaching $102.6 billion. This financial growth underscores Robinhood’s plans to extend its reach beyond the US, following its foray into the UK and EU markets, highlighting the potential of cryptocurrency trading within a clear regulatory framework.

Exceeding Wall Street predictions, Robinhood reported earnings per share of $0.03 against the expected loss, with total revenue reaching $471 million. This performance caps off a year marked by accelerated product development and market share expansion. CEO Vlad Tenev’s optimism for 2024 is buoyed by early Q1 successes, signaling Robinhood’s ongoing commitment to crypto innovation. This includes a notable partnership with MetaMask, facilitating direct crypto purchases, showcasing Robinhood’s ambition to remain at the forefront of the cryptocurrency trading space.


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