Robinhood Reports $252 Million in Q1 Crypto Transaction Revenue
Robinhood's Q1 transaction revenues reached $583 million, with 43% ($252 million) generated from crypto trading. This amount marks a 100% year-over-year increase but is lower than the previous quarter's record of $358 million.
Key points include:
- Concerns about Robinhood’s user base have eased, as net deposits increased to $6.5 billion.
- Equities trading hit a four-year high, and crypto trading surpassed $8 billion.
- Compass Point raised its price target for HOOD to $64; shares traded around $47, down nearly 4% for the day.
- Plans to diversify the crypto business and reduce reliance on transaction volumes were discussed.
- Regulatory clarity may allow for staking and new token listings at an upcoming event in June.
- Tokenizing private equities is a priority for Robinhood.
- Acquisition of crypto exchange Bitstamp is on track to close mid-year.
Robinhood remains a stock to monitor closely for developments in the crypto sector.