Crypto trading volume on the brokerage dropped 55 percent in Q3.
Demand for equities and options remained flat last month.
Crypto trading on Robinhood is gaining steam again as the American brokerage revealed a volume surge of 75 percent month-over-month in November. The figure followed a series of consecutive quarters (Q2 and Q3) during which Robinhood experienced a plunge in crypto trading.
Crypto Trading Picks Up on Robinhood
According to the latest Form 8-K filing, customers' net deposits on the platform surged to $1.4 billion last month. It highlighted that while the notional crypto trading volume increased last month, the figures from equities and options contracts remained flat.
Robinhood reported a decline of 55 percent in revenue from cryptocurrency trading activities in the third quarter of 2023. Then, it generated only $23 million from cryptocurrency trading compared to $31 million in the second quarter, when the figure fell 26 percent.
The broker's overall transaction-based revenue, including equities and options contracts, for the three months between July and September, came in at $185 million, a decline of 11 percent. While the revenue from equities and crypto trading decreased, demand for options contracts remained unchanged.
A Disrupter in the Crypto Trading Market
The number of crypto trading pairs Robinhood offers is much less than that of other dedicated cryptocurrency exchanges. However, the platform stood out with its offerings of trending meme tokens. It also claims to offer lower trading costs when compared to its competitors like Coinbse, Crypto.com, and Kraken.
Robinhood released the update when the prices of Bitcoin and other top cryptocurrencies, like Ethereum, have been rallying higher. Bitcoin recently crossed $42,000, its peak in the last 19 months, but corrected from that level to trade at around $41,500 as of press time.
"You're starting to see retail investors wake up to certain segments of the rally, and in crypto activity, you're seeing a groundswell," Robinhood's CEO, Vlad Tenev, told Yahoo Finance recently. "What tends to happen is, as we've seen in the past, as the price of Bitcoin approaches all-time highs, the media coverage and intensity increases."
Robinhood's publicly traded share price also shows optimism with the increased trading activity. Robinhood shares gained more than 14 percent in the last five trading sessions, with a year-to-date return of over 18 percent.
Meanwhile, Robinhood is now eying on international expansions. It aims to launch services in the United Kingdom next year, with additional expansion of crypto trading operations in the European Union in the pipeline.
Crypto trading on Robinhood is gaining steam again as the American brokerage revealed a volume surge of 75 percent month-over-month in November. The figure followed a series of consecutive quarters (Q2 and Q3) during which Robinhood experienced a plunge in crypto trading.
Crypto Trading Picks Up on Robinhood
According to the latest Form 8-K filing, customers' net deposits on the platform surged to $1.4 billion last month. It highlighted that while the notional crypto trading volume increased last month, the figures from equities and options contracts remained flat.
Robinhood reported a decline of 55 percent in revenue from cryptocurrency trading activities in the third quarter of 2023. Then, it generated only $23 million from cryptocurrency trading compared to $31 million in the second quarter, when the figure fell 26 percent.
The broker's overall transaction-based revenue, including equities and options contracts, for the three months between July and September, came in at $185 million, a decline of 11 percent. While the revenue from equities and crypto trading decreased, demand for options contracts remained unchanged.
A Disrupter in the Crypto Trading Market
The number of crypto trading pairs Robinhood offers is much less than that of other dedicated cryptocurrency exchanges. However, the platform stood out with its offerings of trending meme tokens. It also claims to offer lower trading costs when compared to its competitors like Coinbse, Crypto.com, and Kraken.
Robinhood released the update when the prices of Bitcoin and other top cryptocurrencies, like Ethereum, have been rallying higher. Bitcoin recently crossed $42,000, its peak in the last 19 months, but corrected from that level to trade at around $41,500 as of press time.
"You're starting to see retail investors wake up to certain segments of the rally, and in crypto activity, you're seeing a groundswell," Robinhood's CEO, Vlad Tenev, told Yahoo Finance recently. "What tends to happen is, as we've seen in the past, as the price of Bitcoin approaches all-time highs, the media coverage and intensity increases."
Robinhood's publicly traded share price also shows optimism with the increased trading activity. Robinhood shares gained more than 14 percent in the last five trading sessions, with a year-to-date return of over 18 percent.
Meanwhile, Robinhood is now eying on international expansions. It aims to launch services in the United Kingdom next year, with additional expansion of crypto trading operations in the European Union in the pipeline.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
SEC Plans Legal Action Against Web 3 Firm Immutable
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24