Robinhood Markets announced a record-breaking $682 million in revenue for the second quarter, highlighting a 161% rise in cryptocurrency revenue. Robinhood’s assets under custody also saw a 57% increase, driven by key acquisitions and the rising value of both equities and cryptocurrencies.
Robinhood Reports Record Q2 2024 Revenues Driven by Cryptocurrency Trading
Robinhood Markets, Inc. (Nasdaq: HOOD) reported its second-quarter 2024 financial results on Wednesday, announcing record revenues of $682 million, a 40% increase from the previous year. Robinhood also shared:
Cryptocurrencies revenue of $81 million, up 161%.
CEO Vlad Tenev credited the strong performance to rapid product launches and a focus on customer value. “This quarter, we kept up the pace with rapid product launches and a relentless drive to provide top value for our customers,” said Tenev. He also noted that Robinhood Gold now has 2 million subscribers, describing: “With Robinhood Gold reaching 2 million subscribers, we’re witnessing the flywheel accelerate.”
The significant rise in cryptocurrency activity was a key factor in the company’s growth, with Crypto Notional Trading Volumes increasing 137% year-over-year to $21.5 billion.
Robinhood also detailed that the total value of assets held in custody surged by 57% compared to the previous year, reaching $139.7 billion, stating:
Assets Under Custody (AUC) increased 57% year-over-year to $139.7 billion, driven by continued Net Deposits and higher equity and cryptocurrency valuations.
The company also expanded its strategic capabilities by acquiring Bitstamp, Ltd., a globally-scaled crypto exchange, in June, and Pluto Capital Inc., an AI-powered investment research platform, in July. According to Robinhood, these acquisitions, alongside the company’s robust crypto trading activity, align with its vision to strengthen its offerings for advanced investors and sustain its upward trajectory in the financial markets.
What do you think about Robinhood’s record-breaking Q2 2024 revenue and its crypto strategy?
