Robinhood crypto trading rises 75% in Nov, CEO tips ‘9 figures' in revenue

Crypto-friendly trading level Robinhood has reported a 75% month-on-month summation successful integer plus trading measurement successful November.

In an 8-K filing to the Securities and Exchange Commission connected Dec. 4, Robinhood noted that “November Crypto Notional Trading Volumes were astir 75% supra October 2023 levels.”

The enactment nevertheless equity trading volumes and options contracts traded were astir level successful the aforesaid period compared to October.

The bumper period marks a reversal for Robinhood, which revealed a 55% decrease successful cryptocurrency notional volumes implicit the twelvemonth successful its Q3 results filing.

As a result, its Q3 gross came successful beneath expert estimates for the 4th astatine $467 million. Transaction-based revenues declined by 11% year-on-year to $185 million, mostly owed to the autumn successful crypto volumes implicit 202

Robinhood’s 8-K study showing preliminary operating information for November 2023. Source: SEC

Robinhood could beryllium eyeing a much profitable 4th fourth successful airy of the caller crypto marketplace rally, which has seen full capitalization surge 40% to $1.6 trillion implicit the past 2 months.

Robinhood co-founder and CEO Vlad Tenev told investors successful a November net telephone that the level could yet reel “nine figures” successful yearly revenue.

Speaking to Yahoo Finance connected Dec. 4, Tenev said that retail investors were starting to amusement involvement successful crypto again.

“You're starting to spot retail investors aftermath up to definite segments of the rally, and successful crypto activity, you're seeing a groundswell,”

“What tends to hap is, arsenic we’ve seen successful the past, arsenic the terms of Bitcoin approaches all-time highs, the media sum and strength increases,” helium said earlier adding, “I deliberation that plays a relation also.”

Related: Robinhood to rotation retired US banal trading successful British market

HOOD prices person gained this year, up conscionable 18% since the opening of 2023. The institution banal nevertheless has been down-trending since mid-July aft reaching a 2023 precocious of conscionable implicit $13. HOOD was priced astatine $9.95 successful after-hours trading aft gaining 2.5% daily.

In summation to launching equities to U.K. markets, Robinhood plans to motorboat futures trading successful 2024, pending regulatory approval.

In August, Cointelegraph reported that Robinhood had accumulated 118,000 BTC worthy astir $3 cardinal astatine the time.

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