Robinhood Sees 10% Q4 Crypto Revenue Boost, Plans Global Expansion

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Rising Crypto Revenues at Robinhood Could Positively Impact Coinbase

Robinhood (HOOD), the popular trading platform, saw an increase in crypto trading volume in the fourth quarter. The company surpassed both earnings and revenue forecasts for the quarter. This development could also have positive implications for Coinbase (COIN), a competitor in the crypto trading platform space.

Robinhood’s Crypto Revenue Increases

In a statement, Robinhood announced that crypto revenue in the fourth quarter increased by 10% compared to the previous year, reaching $43 million. This is due to increased trading activity by users. Trading volume is one of the main revenue drivers for Coinbase.

Robinhood reported that the nominal volume of crypto trading they handled increased by 89% compared to the previous quarter. This is due to higher trading activity by customers. The increase in trading volume is no surprise, as prices in the digital asset market have risen due to hopes of approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the U.S.

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Outlook for Coinbase

Coinbase will report its earnings on Thursday and could see similar results for its trading volume – assuming all other factors remain constant. COIN shares rose slightly in after-hours trading on Tuesday.

Robinhood plans to gain a larger share of the crypto trading market this year and expand internationally. Recently, the company began allowing customers from the European Union to trade cryptocurrencies on its platform.

Strong Performance and Global Expansion

“2023 was a strong year as our product velocity continued to increase, our trading market share grew, and we began to expand globally,” said Vlad Tenev, CEO and co-founder of Robinhood, in a statement. “And we’ve started 2024 even stronger, as we’ve already won more funded customers and net deposits in the first half of Q1 than we did in all of Q4 2023,” he added.

Robinhood Exceeds Expectations

The trading platform also announced that its total revenue in the fourth quarter was $471 million, beating the average analyst estimate of $454.7 million. Earnings per share were $0.03, surpassing the estimate of a loss of $0.01 per share.

Following the release of the results, the company’s shares rose by about 15% on Tuesday. In comparison, the stock has fallen by nearly 7% over the course of the year, while the S&P 500 has risen by 4.4%.

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