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Robinhood's Crypto Revenue Down 30% Year-Over-Year in Q1

The trading platform also reported holding around $11.5 billion worth of crypto in assets under custody, an increase of 36% versus the fourth quarter.

By Jamie Crawley
AccessTimeIconMay 11, 2023 at 2:22 p.m. UTC
ROBINHOOD app on a smartphone (Shutterstock)
ROBINHOOD app on a smartphone (Shutterstock)
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Online trading platform Robinhood (HOOD) reported cryptocurrency trading revenue of $38 million for Q1 2023, a decline of around 30% compared to $54 million for the year-earlier period, according to the company's earnings results. On a quarterly basis, however, crypto revenue declined just 1%.

The $38 million crypto trading revenue figure in Q1 compares to the $441 million in trading revenue across all of HOOD's businesses, a rise of 47.5% year-over-year.

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    • The company also reported holding around $11.5 billion worth of crypto in assets under, up 36% from the fourth quarter, reflecting the rebound in the cryptocurrency market in early part of 2023.

    HOOD shares are higher by 6.7% in Thursday morning trading.

    Read More: Galaxy Digital Posts $134M First-Quarter Profit on Strong Showing for Crypto Market

    Edited by Stephen Alpher.


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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter

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