Robinhood Q1 crypto trading surges 224% — SEC action ‘disappointing’
Robinhood’s crypto services contributed to nearly 40% of the firm’s transaction-based revenue and helped the firm produce a net profit for the second straight quarter.
Robinhood CEO Vladimir Tenev described the recent Securities and Exchange Commission Wells notice as a “disappointing development” during a Q1 earnings call, as the firm posted a 224% increase in crypto trading volumes in the quarter to $36 billion.
Robinhood’s crypto-related services contributed to nearly 40% of its transaction-based revenue of $329 million, helping the firm record its second straight profitable quarter with a net income of $157 million.
But the strong quarter earnings results come in light of a Wells notice handed to the firm by the United States securities regulator last week, which targets Robinhood’s crypto listings and custodian operations.
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Author: Brayden Lindrea
