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

Jamie Crawley is a CoinDesk news reporter based in London.

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.

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.

Edited by Stephen Alpher.

DISCLOSURE

Please note that our

cookies,

and

do not sell my personal information

has been updated

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

Jamie Crawley is a CoinDesk news reporter based in London.

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.

Jamie Crawley is a CoinDesk news reporter based in London.

Share this: