Robinhood's Q1 Crypto Trading Volume Surged 224% as SEC Action Looms
Robinhood's notional crypto trading volume in the first quarter reached $36 billion, a 224% increase from the previous year. This resulted in a 232% rise in crypto-related revenue to $126 million, contributing to a 59% year-over-year increase in overall first quarter transaction-based revenue to $329 million. As of March 31, Robinhood held $26.2 billion in user's crypto, a 78% increase from the end of 2023. The company also exceeded its first-quarter sales and earnings estimates, reporting $618 million in revenue and earnings of $0.18 per share. Robinhood's stock rose about 7% in post-market trading on Wednesday and has increased about 40% for the year. The company recently received a Wells Notice from the U.S. Securities and Exchange Commission for its crypto unit.
