{"id":10940,"date":"2024-08-10T04:41:15","date_gmt":"2024-08-10T04:41:15","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=10940"},"modified":"2024-08-10T04:41:18","modified_gmt":"2024-08-10T04:41:18","slug":"robinhoods-revenue-hits-682m-in-q2-2024","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/robinhoods-revenue-hits-682m-in-q2-2024\/","title":{"rendered":"Robinhood’s Revenue Hits $682M in Q2 2024"},"content":{"rendered":"\n

Robinhood Markets, Inc. (Nasdaq: HOOD) has announced record revenues of $682 million for the second quarter of 2024, marking a 40% increase compared to the same period last year. This impressive growth was largely driven by a 161% surge in cryptocurrency revenue, highlighting the company’s successful expansion into the digital asset market.<\/p>\n\n\n\n

Cryptocurrency Boom and Strategic Acquisitions<\/h3>\n\n\n\n

A key highlight from the report was the notable increase in cryptocurrency trading activity. Robinhood reported $81 million in revenue from cryptocurrencies, reflecting a 161% year-over-year growth. The Crypto Notional Trading Volumes also saw a significant rise, jumping 137% from the previous year to $21.5 billion.<\/p>\n\n\n\n

Robinhood’s CEO, Vlad Tenev, attributed the company\u2019s strong financial performance to the rapid pace of product development and a customer-centric approach. \u201cThis quarter, we kept up the pace with rapid product launches and a relentless drive to provide top value for our customers,\u201d said Tenev. He also highlighted the milestone of Robinhood Gold, the company\u2019s premium subscription service, which has now reached 2 million subscribers. \u201cWith Robinhood Gold reaching 2 million subscribers, we\u2019re witnessing the flywheel accelerate,\u201d he added.<\/p>\n\n\n\n

Also Read: Robinhood Suspends 24-Hour Trading for 8 Hours Amid Market Volatility<\/a><\/p>\n\n\n\n

In addition to its booming cryptocurrency revenue, Robinhood’s assets under custody (AUC) experienced a substantial increase. The total value of assets held by the platform surged by 57% year-over-year, reaching $139.7 billion. This growth was driven by continuous net deposits and the rising value of equities and cryptocurrencies.<\/p>\n\n\n\n

Expanding Strategic Capabilities<\/h3>\n\n\n\n

Robinhood also made significant strides in expanding its strategic capabilities through key acquisitions. In June, the company acquired Bitstamp, Ltd., a globally scaled cryptocurrency exchange, enhancing its ability to serve advanced crypto investors. In July, Robinhood further bolstered its offerings by acquiring Pluto Capital Inc., an AI-powered investment research platform. These acquisitions align with Robinhood’s vision to provide more sophisticated tools and resources for its growing user base, ensuring sustained growth in the competitive financial markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

Robinhood Markets, Inc. (Nasdaq: HOOD) has announced record revenues of $682 million for the second quarter of 2024, marking a 40% increase compared to the same period last year. This impressive growth was largely driven by a 161% surge in cryptocurrency revenue, highlighting the company’s successful expansion into the digital asset market. Cryptocurrency Boom and […]<\/p>\n","protected":false},"author":13,"featured_media":4052,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30],"tags":[],"class_list":{"0":"post-10940","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange"},"acf":[],"yoast_head":"\nRobinhood's Revenue Hits $682M in Q2 2024<\/title>\n<meta name=\"description\" content=\"Robinhood Markets, Inc. 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