Robinhood’s revenue from crypto transactions for the quarter was $233 million, making up just over half of its total revenue of $565 million for the June-ending period. That year-over-year growth is staggering considering that Robinhood said it made $5 million from crypto transactions in the second quarter of 2020, and the highly volatile sector now a plays a key role in the company’s future.
The company also disclosed that 60% of its 22.5 million net cumulative funded accounts traded crypto in the quarter.
Considering that Robinhood alerted investors to the fact that 34% of its crypto-trading revenue for the first three months of the year came from Dogecoin, which is up almost 6,200% in 2021 thanks in large parts to Elon Musk’s tweets, that volatility can be extrapolated even further.
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