Robinhood’s cryptocurrency trading division absolutely exploded in the final three months of 2024, seeing an incredible eight-fold increase in revenue. This massive jump puts serious pressure on its main competitor, Coinbase.
A Record-Breaking Quarter for Robinhood
Overall, Robinhood saw a huge 115% year-over-year revenue increase, hitting $1.01 billion. A major chunk of that – a whopping $358 million – came directly from crypto trading, a 700% increase! Options trading also contributed significantly, with an 83% rise in revenue. The company’s success wasn’t just limited to crypto; options and equities also showed impressive growth.
Next-Gen Traders Flock to Robinhood
According to Paul Marino, Chief Revenue Officer at Themes ETFs, Robinhood’s success isn’t just about people taking more risks. He believes it shows that younger traders are really embracing the platform, preferring it over the competition. This impressive growth positions Robinhood as a strong contender against industry giants like Coinbase.
Coinbase’s Turn in the Spotlight
Coinbase is set to release its own quarterly earnings report soon, and all eyes will be on how it stacks up against Robinhood’s phenomenal crypto performance. The coming days will reveal whether Coinbase can maintain its position or if Robinhood’s surge signals a shift in the crypto trading landscape.
