Online broker Robinhood recorded income from trading cryptocurrencies in the amount of $81 million in April-June. The indicator jumped by 161% compared to the second quarter of last year and doubled the stock-related metric ($40 million).
Options transactions ($182 million) remained the largest source of income for the company.
Data: Robinhood.Compared to the same period last year, the turnover of digital assets on the platform increased by 137% to $21.5 billion.
Relative to January-March, the indicator dropped by 40%. The broker explained the decrease by a decrease in the number of monthly active users due to the deterioration of the cryptocurrency market conditions.
This resulted in a reduction in the quarterly comparison of the total number of transactions (by 27%) and the average volume of assets involved in operations (by 18%).
The cryptocurrency-related AUM grew by 57% over the year, to $20.6 billion. This was due to a net inflow of client funds and a positive revaluation of digital assets.
In July, Robinhood announced the purchase of the investment and research AI platform Pluto Capital. Thanks to the deal, the company promises to provide more functions using artificial intelligence.
A month earlier, the broker agreed to acquire the oldest European bitcoin exchange Bitstamp for $200 million.
Earlier, the company received a warning from the SEC about the possible filing of a lawsuit due to violations of securities laws in the process of conducting a crypto business.
Recall that in January, Robinhood opened the possibility of trading BTC-ETFs for customers in the United States.