Robinhood’s Crypto Revenue Hits Lowest In 3 Years, But It Expands Crypto Operations + More News

Robinhood’s Crypto Revenue Hits Lowest In 3 Years, But It Expands Crypto Operations + More News

December 24, 2023

By Sead Fadilpašić | @sead-fadilpasic

Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news.

In this edition:

Robinhood’s Crypto Revenue Hits Lowest In 3 Years, But It Still Supports Crypto

US SEC Holds Calls With Spot Bitcoin ETF Hopefuls

Traders and Institutions Turned to OTC Market in 2023 in Search of Stability

Arkon Energy Raises $110M to Grow US Bitcoin Mining Capacity, Launch AI Cloud Service in Norway

Robinhood’s Crypto Revenue Hits Lowest In 3 Years, But It Still Supports Crypto

In Q2 2021, fees from trading dogecoin (DOGE) accounted for 32% of investment platform Robinhood’s net revenue. But since then, its crypto revenues have declined, dropping from $233 million during the surge to $23 million in Q3 2023.

“I can’t control the price of Bitcoin or the total volumes in the market,” CEO Vlad Tenev told Fortune. “But if we’re growing market share steadily during bear markets, and growing it much more quickly in bull markets, I think that’s an indication that our strategy is the correct one.”

Robinhood, however, has continued to expand its footprint in the world of decentralized money, even amid the massive regulatory turbulence.

It is launching in Europe, taking advantage of a friendlier legal environment and regulators clarity. It’s also relisting coins that the US SEC alleged were unregistered securities and adding other cryptos not available in the US.