Robinhood: Crypto Trading Activity Rose 75% Last Month

According to a recent filing with the Securities and Exchange Commission, Robinhood has reported a significant increase in cryptocurrency trading on its platform in November, coinciding with the ongoing rally in the market.

The company stated in an 8-K update that trading volumes for November were approximately 75% higher compared to October 2023 levels and is expected to release full operating data for the month in the near future.

This may indicate a change in fortunes for Robinhood, as its revenue from crypto trading has been declining recently. In the third quarter, revenues from cryptocurrency transactions dropped by 55%, amounting to $23 million, with similar decreases seen in the second quarter.

In an effort to expand its reach, the company announced plans last month to introduce crypto trading in the EU, following its successful launch in the UK.

Driven by increasing optimism for the approval of a spot Bitcoin ETF by the SEC, the price of BTC has risen by 20.6% in the past month and 145% in the past year.