Robinhood has released its financial results for Q1 2024, revealing significant changes in trading volumes for both cryptocurrencies and equities.
Crypto Trading Volumes
Crypto trading volumes rose 28% year-over-year to $46 billion, although this marked a steep decline from $70 billion in Q4 2023. The platform amassed over $141 billion in crypto trades throughout 2024, driven largely by Q4’s late surge.
Increase in Equity Trading Volumes
Meanwhile, equity trading volume saw robust growth, climbing 84% year-over-year to $413 billion. Robinhood’s total transaction-based revenue rose 77% from a year ago to $583 million, fueled primarily by crypto and equity trades.
Analyst Outlook Amid Macroeconomic Uncertainty
JPMorgan analysts noted that macroeconomic uncertainty in March, especially surrounding U.S. fiscal policy and tariffs, stifled crypto activity. They also pointed to lower risk appetite in late Q1, citing decreased market capitalization across the crypto sector.
Robinhood's Q1 2024 financial results present a mixed picture, showing an increase in equity trading volumes alongside a decline in crypto activity, suggesting the impact of macroeconomic factors on the market.
