Robinhood's Q4 crypto revenue surges 700%
Robinhood's Q4 crypto revenue surges 700%
Robinhood reported record earnings for Q4 2024, with net income reaching $916 million, surpassing industry expectations by over 9%. The strong performance was driven largely by cryptocurrency trading, which saw a 700% year-on-year revenue increase. Following the announcement, Robinhood’s stock surged 17% in after-hours trading.
Crypto revenue accounted for $358 million of Robinhood’s $672 million in transaction-based revenues, which grew over 200% compared to Q4 2023. Trading volumes in crypto soared 450% year-on-year, reaching $71 billion. Additionally, assets under custody rose 88% to $193 billion, with crypto assets alone increasing 75% quarter-over-quarter to $35 billion.
Market momentum and future outlook
Robinhood’s growth was fueled by broader market activity, boosted by the U.S. presidential election and rising asset prices. The company also remains focused on expansion, with its pending $200 million acquisition of Bitstamp expected to strengthen its position in institutional crypto trading. The deal is still awaiting regulatory approval but is set to close in the first half of 2025.
Read also: Solana-based Phantom wallet suffers temporary outage and recovers swiftly
