Robinhood reported $36 billion in crypto notional trading volume during the first quarter of 2024, a 224% increase year over year.The firm also reported record net revenues of $618 million, up 40% year over year.The total revenues included $329 million derived from transaction revenues, which included revenue generated from its crypto business — making up $126 million of the total, a 232% increase year over year.Robinhood reported a first-quarter net income of $157 million versus a net loss of $511 million during the same period a year ago. Its diluted earnings per share (EPS) stood at $0.18 for the quarter.The company reported $26.2 billion in assets related to user cryptocurrencies safeguarding obligation and the same amount under the liabilities and stockholder equity category.The latest results surpass external expectations. CNBC said analysts surveyed by the London Stock Exchange Group expected Robinhood to report $549 million in first-quarter revenue and diluted EPS of $0.06.The price of Robinhood stock (HOOD) was down 0.78% on May 8 but up 3.64% after hours.Robinhood executives commented on the recent Wells Notice issued against the firm’s crypto unit by the US SEC during the earnings call. The notice indicates that staff at the SEC intend to recommend enforcement action against Robinhood Crypto.In response to investor questions, executives affirmed that Robinhood takes a “conservative approach” to listings and products with regulatory considerations. They also stated that they “firmly believe” consumers should have access to crypto as an asset class.Robinhood has previously stated that it made efforts to comply with regulations and register with the SEC. The firm also stated that it does believe the assets it lists are securities and assured users that the notice will not affect services.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Essential crypto updates and analyses. Straight to your inbox, every day.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
