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

Cryptocurrency-friendly trading platform Robinhood reported a 75% month-on-month increase in digital asset trading volume in November.

In an 8K presentation At the Securities and Exchange Commission on December 4, Robinhood noted that “Notional cryptocurrency trading volumes for November were approximately 75% above October 2023 levels.”

However, activity, stock trading volumes and options contracts traded remained broadly stable in the same month compared to October.

The excellent month marks a change for Robinhood, which revealed a 55% decrease in notional cryptocurrency volumes during the year in its third quarter results presentation.

As a result, its third-quarter revenue fell short of analyst estimates for the quarter by $467 million. Transaction-based revenue decreased 11% year-over-year to $185 million, largely due to cryptocurrency volumes falling by more than 202

Robinhood could be eyeing a more profitable fourth quarter in light of the cryptocurrency market's recent rally, which has seen total capitalization rise 40% to $1.6 trillion in the past two months.

Robinhood co-founder and CEO Vlad Tenev told investors on an earnings call in November that the platform could eventually generate “nine figures” in annual revenue.

speaking to Yahoo Finance On December 4, Tenev said that retail investors were starting to show interest in cryptocurrencies again.

"You're starting to see retail investors take notice of certain segments of the rally, and in crypto activity, you're seeing a surge."

“What tends to happen is, as we have seen in the past, that as the price of Bitcoin approaches all-time highs, the media coverage and intensity increases,” he said before adding: “I think that too plays a role".

Related: Robinhood to implement US stock trading in the UK market

HOOD prices are up this year, up just 18% since the start of 2023. However, the company's stock has been on a downward trend since mid-July after hitting a 2023 high of just over $13. . HOOD was priced at $9.95 in after-hours trading after gaining 2.5% daily.

In addition to Launch of shares to the UK markets.Robinhood plans to launch futures trading in 2024, pending regulatory approval.

In August, Cointelegraph reported that Robinhood had accumulated 118,000 BTC At the time it was worth about $3 billion.

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