Robinhood’s crypto unit saw $36 billion in trading volume in Q1, smashing its Q1 2023 amount by 224%.
Robinhood CEO Vladimir Tenev described the recent Securities and Exchange Commission Wells notice as a “disappointing development” during a Q1 earnings call, as the firm posted a 224% increase in crypto trading volumes in the quarter to $36 billion.to nearly 40% of its transaction-based revenue of $329 million, helping the firm record its second straight profitable quarter with a net income of $157 million.
Robinhood shares rallied as high as 7.3% to $19.15 in after-hours trading but has since cooled off to $18.55,
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