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Robinhood Records 700% Spike in Crypto Revenue
In a shocking turn of events, Robinhood has announced a staggering 700% increase in its cryptocurrency revenue, reaching an unprecedented $358 million. This massive surge is a significant departure from the company’s typical transaction-based revenue, which typically accounts for the lion’s share of its earnings.
The company’s options and equities revenue also saw substantial growth, with options revenue totaling $222 million and equities revenue reaching $61 million. Meanwhile, Robinhood’s net income has experienced an astonishing ten-fold increase, skyrocketing to a record-breaking $916 million.
Robinhood’s cryptocurrency trading volume was remarkable in the fourth quarter, nearly matching the combined volume of the three preceding quarters. This significant increase is not entirely surprising, given the explosive market growth witnessed during Q4. Bitcoin, in particular, surpassed the $100,000 mark for the first time, while major altcoins saw substantial gains.
As a result of this remarkable performance, Robinhood’s stock price surged by nearly 5% on Wednesday and has continued to rise, with shares currently up 15.31%. This development brings the company’s market capitalization closer to reaching the $50 billion mark.
Source: U.Today
Source: u.today
