• Robinhood’s Q2 crypto revenues increased by 161% to $81 million compared to the same period last year
• Robinhood’s crypto trading volume hit $21.5 billion in Q2, a 137% increase year-over-year but down from $36 billion in Q1 2024
• Robinhood acquired crypto exchange Bitstamp in June, which has over 50 active licenses and registrations internationally
Robinhood, the commission-free brokerage firm, reported its second-quarter earnings on Wednesday. The results showed massive year-over-year growth in both cryptocurrency transaction revenues and trading volume.
Crypto Transaction Revenues
The trading platform said its crypto transaction-based revenues increased to $81 million, up 161% 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.
Crypto Trading Volume
The company said its digital asset notional trading volume rose to $21.5 billion, a 137% jump from 2021 when top tokens like bitcoin and ether were trading lower. The quarter’s trading volumes were down significantly compared to $36 billion in the first quarter of this year.
Robinhood’s User Base
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 22.8 million, up 9% compared to the period ending in June 2021.
