Robinhood achieved a historic revenue record propelled by a surge in cryptocurrency transactions in the fourth quarter of 2024.
Soaring Crypto Transaction Revenue
Robinhood's cryptocurrency-related revenues skyrocketed by 700% year-over-year, totaling $358 million, which represents the lion's share of the company's transaction-based revenue. Notably, this figure is more than the earnings from crypto trading in the previous five quarters.
Record Crypto Trading Volumes
The company's cryptocurrency trading volume was nearly equal to the combined trading volume in the three preceding quarters. This growth was driven by a Q4 2024 rally in the cryptocurrency market, with Bitcoin reaching $100,000 and major altcoins making substantial gains. At the end of 2024, the company expanded its available token offerings, adding XRP, ADA, and other tokens.
Stock Surge and Upcoming Bitstamp Acquisition
Robinhood's shares rose by 15.31% in premarket trading after climbing nearly 5% on Wednesday. The company's market cap is nearing the $50 billion mark. As reported by U.Today, Robinhood announced an upcoming acquisition of Bitstamp for $200 million.
Robinhood has reached new heights in its financial performance fueled by a dramatic rise in cryptocurrency transactions and the expansion of its token offerings, indicating a significant future for the company in the crypto arena.
