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Robinhood's Crypto Revenue Down 30% Year-Over-Year in Q1
The trading platform also reported holding around $11.5 billion worth of crypto in assets under custody, an increase of 36% versus the fourth quarter.
Online trading platform Robinhood (HOOD) reported cryptocurrency trading revenue of $38 million for Q1 2023, a decline of around 30% compared to $54 million for the year-earlier period, according to the company's earnings results. On a quarterly basis, however, crypto revenue declined just 1%.
The $38 million crypto trading revenue figure in Q1 compares to the $441 million in trading revenue across all of HOOD's businesses, a rise of 47.5% year-over-year.
STORY CONTINUES BELOW
The company also reported holding around $11.5 billion worth of crypto in assets under, up 36% from the fourth quarter, reflecting the rebound in the cryptocurrency market in early part of 2023.
HOOD shares are higher by 6.7% in Thursday morning trading.
Read More: Galaxy Digital Posts $134M First-Quarter Profit on Strong Showing for Crypto Market
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
