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.
Aug 2, 2023 at 8:18 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/6OKKM6YUBFHF3H2JQ723TRNVUI.jpg)
A Robinhood pop-up kiosk (Photo by Spencer Platt/Getty Images)
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.
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.
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