Robinhood Markets Inc. has reported a significant increase in its fourth-quarter earnings, driven by a substantial rise in cryptocurrency trading activity. The company’s total revenue for the quarter reached $1.01 billion, marking the first time it has surpassed the billion-dollar threshold. This performance exceeded analysts’ expectations, which had projected revenue of $934 million.
A key contributor to this growth was the surge in cryptocurrency trading revenue, which escalated by 700% year-over-year to $358 million. This increase accounted for more than half of Robinhood’s transaction-based revenue, which itself saw a 200% rise to $672 million. The heightened interest in digital assets, particularly Bitcoin, which recently surpassed the $100,000 mark, played a significant role in this development.
In addition to the rise in crypto trading, Robinhood experienced growth in other areas. Options trading revenue increased by 83% to $222 million, while equities trading revenue rose by 144% to $61 million. The company’s assets under custody expanded by 88% to $193 billion, with net deposits reaching a record $16 billion during the quarter.
Arabian Post – Crypto News Network
