Robinhood Q2 Report Shows Crypto Trading Growth

by in Cryptocurrency News

Robinhood Q2 results crypto

Menlo Park-headquartered financial services provider Robinhood published the results of the second quarter, 2021. As the report released on August 18 shows, the app’s crypto trading has grown. In Q2, cryptocurrency trading brought the company 41% of its revenue.

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Over this period the firm processed $233 M from crypto buying/selling operations. In Q2 2020 the indicator was $5 M. Dogecoin is the dominant crypto on Robinhood. 62% of Q2 2021 crypto revenue came from Doge. In Q2, Robinhood's revenue was $565 M which means a 131% growth compared to $244 M for the same interval of 2020. The number of active users reached 21.3 mln from 10.2 mln.

On July 29, Robinhood was listed on Nasdaq. The stock is traded under the ticker HOOD.

In spite of the increasing crypto revenue, the firm reported a total loss of $464 M for Q2. The losses are connected with accounting adjustments related to the company's warrants and notes' prices.