Robinhood’s Q2 Crypto Trading Volume Tops $21B, Revenue Up By 161%

TL;DR

• Robinhood generated $81 million from crypto transactions in Q2, up 161% from the same quarter last year.

• The company’s crypto trading volume topped $21 billion during the second quarter of the year. 

Robinhood’s Q2 Crypto Revenue Surges By 161%

Robinhood, the commission-free brokerage firm, reported second-quarter earnings yesterday. According to the report, the company recorded massive growth in its crypto transaction revenues and trading volume. 

The company revealed that crypto transaction-based revenues increased to $81 million. This is an increase of 161% compared to the same quarter last year. The $81 million it generated from crypto transactions is also double what it earned in transaction revenues from equities this quarter.

However, Robinhood revealed that options trading generated most of its revenue in the previous quarter ($327 million). 

Robinhood processed $21.5 billion in cryptocurrency trading volume during the second quarter of the year, up by 137% from 2023 when BTC and ETH were still underperforming. However, the $21.5 billion trading volume recorded in Q2 was lower than the $36 billion Robinhood processed in Q1. 

In June, Robinhood acquired cryptocurrency exchange Bitstamp in a $200 million deal as it looks to expand its crypto offering beyond the United States. In Q2, Robinhood monthly active users surged by 9% compared to the same quarter of last year.