Robinhood eyes crypto diversification as trading strength persists
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
Forward Guidance has covered Mag 7 and automaker earnings. But let’s jump to Robinhood, which is looking to wade deeper into crypto.
The trading platform’s transaction revenues amounted to $583 million in Q1. Roughly 43% of that ($252 million) came from crypto trading.
The $252 million total is less than last quarter’s record crypto transaction revenue of $358 million, Robinhood reported — but up 100% year over year.
It appears concerns around the health of Robinhood’s user base after April’s market selloff have dissipated. After all, Compass Point analysts Ed Engel and Joe Flynn noted that net deposits accelerated…
