Robinhood Crypto Revenue Fell 18% Sequentially to $31M in Q2

In June, the trading platform ended support for all tokens named as securities in the SEC lawsuits against crypto exchanges Binance and Coinbase.

AccessTimeIconAug 2, 2023 at 8:18 p.m. UTC
Updated Aug 3, 2023 at 3:16 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Online trading platform Robinhood (HOOD) reported crypto trading revenue of $31 million in the second quarter, down 18% from the $38 million in the first quarter, according to its latest earnings release.

The $31 million crypto trading revenue figure in Q2 was 16% of the $193 million in trading revenue across all categories, which saw a 7% sequential decline.

  • Why Are Layer 2s Important to Watch in 2024?
    00:59
    Why Are Layer 2s Important to Watch in 2024?
  • How Robinhood and Arbitrum Hope to Bring More People On-Chain
    15:54
    How Robinhood and Arbitrum Hope to Bring More People On-Chain
  • Worldcoin’s WLD Drops as Elon Musk Sues OpenAI; Robinhood Teams Up With Arbitrum
    02:15
    Worldcoin’s WLD Drops as Elon Musk Sues OpenAI; Robinhood Teams Up With Arbitrum
  • Why Robinhood Is Expanding Its Crypto Service to Europe
    10:20
    Why Robinhood Is Expanding Its Crypto Service to Europe
  • The company also reported having $11.5 million in crypto assets under custody, the same amount as was held at the end of the first quarter.

    In June, Robinhood ended support for all tokens named as securities in the SEC lawsuits against crypto exchanges Binance and Coinbase. Those tokens were Cardano (ADA), Polygon (MATIC) and Solana (SOL). The trading platform currently offers trading for 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE) and avalanche (AVAX).

    Overall for the second quarter, Robinhood reported earnings per share of $0.03 on revenue of $486 million, ahead of analyst estimates for a loss of $0.01 per share on revenue of $473 million.

    Robinhood share prices, which are up 54% this year, fell 7.5% to $11.50 in after-hours trading Wednesday.

    UPDATE (Aug. 2 20:30 UTC): Added info on earnings per share.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    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.

    Nelson Wang

    Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.