Robinhood crypto trading volume up 224% YoY to $36 billion in Q1

Robinhood reported $36 billion in crypto notional trading volume during the first quarter of 2024, a 224% increase year over year.

The firm also reported record net revenues of $618 million, up 40% year over year.

The total revenues included $329 million derived from transaction revenues, which included revenue generated from its crypto business — making up $126 million of the total, a 232% increase year over year.

How To Get Free Crypto  

$157 million in net income

Robinhood reported a first-quarter net income of $157 million versus a net loss of $511 million during the same period a year ago. Its diluted earnings per share (EPS) stood at $0.18 for the quarter.

The company reported $26.2 billion in assets related to user cryptocurrencies safeguarding obligation and the same amount under the liabilities and stockholder equity category.

The latest results surpass external expectations. CNBC said analysts surveyed by the London Stock Exchange Group expected Robinhood to report $549 million in first-quarter revenue and diluted EPS of $0.06.

The price of Robinhood stock (HOOD) was down 0.78% on May 8 but up 3.64% after hours.

Wells notice

Robinhood executives commented on the recent Wells Notice issued against the firm’s crypto unit by the US SEC during the earnings call. The notice indicates that staff at the SEC intend to recommend enforcement action against Robinhood Crypto.

Coinbase Banner  

In response to investor questions, executives affirmed that Robinhood takes a “conservative approach” to listings and products with regulatory considerations. They also stated that they “firmly believe” consumers should have access to crypto as an asset class.

Robinhood has previously stated that it made efforts to comply with regulations and register with the SEC. The firm also stated that it does believe the assets it lists are securities and assured users that the notice will not affect services.

Mentioned in this article

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.