JUST

Bitcoin

Contribute

Gains

Robinhood on Tuesday revealed that about 5% of its total crypto trading activity originates from recently introduced spot Bitcoin ETFs. 
The remaining 95% still stems from spot trading conducted within the platform’s crypto division. 
During the quarterly earnings call, CFO Jason Warnick said the platform is seeing “nice interest in the ETFs, but we think it’s additive.” 
“We feel really good to offer the selection for customers. We think it increases overall market interest in crypto and also brings liquidity to the market. So, net-net, we’re really pleased with the Bitcoin ETFs,” he said. 
The SEC <a href="https://cryptonews.com/news/bitcoin-etf-approval-frenzy-begins-as-sec-finally-approves-first-spot-bitcoin-funds-bitcoin-remains-unresponsive.htm">approved 11 spot Bitcoin ETFs</a> in January, a milestone moment for the digital asset sector as it expands access to the leading crypto on Wall Street and beyond. Robinhood <a href="https://cryptonews.com/news/robinhood-set-to-list-spot-bitcoin-etfs-as-soon-as-possible.htm">swiftly integrated all 11 ETFs</a> to provide to its customers. 
“There were some traders that sold out a spot and got to ETF, but that was really more of the exception. And we also offer the ETFs in our retirement accounts, which accounted for some of the pickup as well,” Warnick said. 
<h2 id="robinhood-s-4q-revenue-hits-471m-exceeds-analyst-expectations">Robinhood’s 4Q Revenue Hits $471M, Exceeds Analyst Expectations</h2> 
 In the fourth quarter, Robinhood reported an <a href="https://investors.robinhood.com/news/news-details/2024/Robinhood-Reports-Fourth-Quarter-and-Full-Year-2023-Results/default.aspx">8% jump in transaction-based revenues</a> to $200m. The growth was mainly fueled by crypto revenue, which surged 10% to $43m. 
Overall fourth-quarter revenue increased by 24% to $471m, with earnings per share at $0.03. This surpassed analysts’ estimates of $457m and an expected loss of $0.01 per share. 
JUST IN: 
 Robinhood's Q4 crypto revenue rose 10% to $43M, driving a 15% stock surge. Its crypto trade volume surged 89%, hinting at positive earnings for Coinbase. Robinhood also plans to expand globally and has seen a strong start in 2024. 
— House of Chimera (@HouseofChimera) <a href="https://twitter.com/HouseofChimera/status/1757570513130471871?ref_src=twsrc%5Etfw">February 14, 2024</a> 
In a <a href="https://s28.q4cdn.com/948876185/files/doc_financials/2023/q4/Q4-2023-Earnings-Presentation.pdf">presentation</a>, the company revealed that notional crypto trading volume rose by 89% compared to the previous quarter due to increased customer activity. 
<h2 id="global-expansion-gains-traction">Global Expansion Gains Traction</h2> 
 Robinhood <a href="https://cryptonews.com/news/robinhood-launches-commission-free-crypto-trading-app-in-eu.htm">marked its international debut</a> in the last few months. It first set out to launch stock brokerage services in the UK, followed by expanding its crypto offerings into the European Union, enabling users to trade over 25 digital currencies. 
CEO Vlad Tenev said that the trading app’s internal expansion has attracted tens of thousands of international customers thus far. 
“We’re investing a larger amount into crypto, both in the EU and domestically. I think there is a ton of improvements left to make,” he said.

Spot Bitcoin ETFs Contribute 5% of Crypto Trading Volume on Robinhood: CFO

Obsah

Cryptonews.com

Ďalšie články zverejnené 14. 2. 2024

Arbitrum Crypto: Can ARB Price Meet the 120% Growth Expectations

Do THIS To Make $10,000 With Your Crypto Portfolio

Bitcoin Price Holds Support, BTC Uptrend To Continue Soon?

How to Buy Skycoin Coin?

Will the ERC-X Token Miner Value Recover After Plummeting 88%?

Genesis Cleared to Sell $1.3B GBTC Shares, Will BTC Tank?

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!