Robinhood Reports Q1 Crypto Trading Volume Rose 224%

During a Q1 earnings call, Robinhood CEO Vladimir Tenev expressed disappointment over the recent Securities and Exchange Commission Wells notice, while announcing a 224% increase in crypto trading volumes to $36 billion for the quarter.

The firm’s crypto-related services generated nearly 40% of its $329 million transaction-based revenue, contributing to its second consecutive profitable quarter with a net income of $157 million.

However, this success comes amidst the news that the US securities regulator has issued a Wells notice targeting Robinhood’s crypto listings and custodian operations.

Tenev described this as a “disappointing development,” while CFO Jason Warnick emphasized the firm’s commitment to compliance and holding its crypto business to the same standards as its brokerage business.