Crypto-friendly buying and selling platform Robinhood has reported a 75% month-on-month improve in digital asset buying and selling quantity in November.
In an 8-Ok submitting to the Securities and Change Fee on Dec. 4, Robinhood famous that “November Crypto Notional Buying and selling Volumes had been roughly 75% above October 2023 ranges.”
The exercise nonetheless fairness buying and selling volumes and choices contracts traded had been roughly flat in the identical month in comparison with October.
The bumper month marks a reversal for Robinhood, which revealed a 55% lower in cryptocurrency notional volumes over the yr in its Q3 outcomes submitting.
Because of this, its Q3 income got here in beneath analyst estimates for the quarter at $467 million. Transaction-based revenues declined by 11% year-on-year to $185 million, largely as a result of fall in crypto volumes over 202
Robinhood might be eyeing a extra worthwhile fourth quarter in mild of the current crypto market rally, which has seen complete capitalization surge 40% to $1.6 trillion over the previous two months.
Robinhood co-founder and CEO Vlad Tenev informed buyers in a November earnings name that the platform may finally reel “9 figures” in annual income.
Talking to Yahoo Finance on Dec. 4, Tenev stated that retail buyers had been beginning to present curiosity in crypto once more.
“You are beginning to see retail buyers get up to sure segments of the rally, and in crypto exercise, you are seeing a groundswell,”
“What tends to occur is, as we’ve seen up to now, as the value of Bitcoin approaches all-time highs, the media protection and depth will increase,” he stated earlier than including, “I feel that performs a task additionally.”
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HOOD costs have gained this yr, up simply 18% for the reason that starting of 2023. The corporate inventory nonetheless has been down-trending since mid-July after reaching a 2023 excessive of simply over $13. HOOD was priced at $9.95 in after-hours buying and selling after gaining 2.5% each day.
Along with launching equities to U.Ok. markets, Robinhood plans to launch futures buying and selling in 2024, pending regulatory approval.
In August, Cointelegraph reported that Robinhood had collected 118,000 BTC price round $3 billion on the time.
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