Robinhood's Q2 crypto revenues up 161% as trading volume hits $21.5 billion
Quick Take
- Robinhood announced crypto transaction-based revenues increased to $81 million, a 161% increase.
- Notional trading volumes hit $21.5 billion in Q2, a 137% jump from last year, but down considerably when compared to Q1.
Robinhood, the commission-free brokerage firm, reported second-quarter earnings Wednesday afternoon, which included massive year-on-year growth in both cryptocurrency transaction revenues and trading volume.
The trading platform said crypto transaction-based revenues increased to $81 million, up 161% when compared to the same period a year before. That was double what Robinhood earned in transaction revenues from equities this quarter.
Robinhood's largest revenue stream was options, which generated $327 million in the quarter, according to its filing.
The company said its digital asset "notional" trading volume rose to $21.5 billion, a 137% jump from 2023 when top tokens like bitcoin and ether were trading lower. The quarter's trading volumes were down significantly when compared to $36 billion in the first quarter of this year.
In June, Robinhood acquired the cryptocurrency trading platform Bitstamp. Robinhood said Bitstamp is "a globally-scaled crypto exchange, with over 50 active licenses and registrations internationally and customers across the EU, UK, US and Asia."
It is unclear how big of a boost the Bitstamp acquisition is or will be. In the second-quarter earnings filing from Wednesday, Robinhood said its number of monthly active users was 11.8 million, up 9% when compared to the period ending in June 2023.
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