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Robinhood results beat estimates on meme-stock, crypto-trading boom

Economic Times

Economic Times · 1y ago

Robinhood results beat estimates on meme-stock, crypto-trading boom

Robinhood reported better-than-expected second-quarter earnings as interest in meme stocks and cryptocurrencies drove trading volumes. The app gained retail trading market share and saw a surge in activity after influencer Keith Gill reignited interest in GameStop. The company also teased the launch of a desktop version of its mobile trading app. Robinhood's transaction-based revenue increased by 69% to $327 million in the quarter. The crypto market also performed well, led by gains in bitcoin after the approval of exchange-traded funds to track its spot prices. Robinhood remains optimistic about its growth prospects despite potential economic challenges and regulatory concerns.

Related News

Robinhood sees $100 million costs tied to regulatory issues in third quarter

Economic Times

Economic Times · 1y ago

Robinhood sees $100 million costs tied to regulatory issues in third quarter

Robinhood Markets has announced it expects to incur a $100 million charge in the third quarter to address legal and regulatory issues previously disclosed. The trading app operator has faced regulatory challenges and was at the center of the "meme stock" trading frenzy in early 2021. While the company reported a profit for the first time as a public company in August and beat revenue expectations in the second quarter, the stormy economic climate in 2021 affected its retail trader customer base.

Robinhood launches tokens allowing EU users to trade in US stocks - The Economic Times

Economic Times

Economic Times · 2m ago

Robinhood launches tokens allowing EU users to trade in US stocks - The Economic Times

Robinhood has launched commission-free tokens, allowing European Union users to trade over 200 U.S. stocks and ETFs, including major companies like Nvidia, Apple, and Microsoft. These tokens offer flexible trading hours and lower costs, blending traditional finance with crypto-like trading. Robinhood plans to expand its offerings to include stock tokens of private companies and eventually develop its own blockchain for 24/7 trading. This move follows growing global interest in the U.S. stock market and rising tokenization trends.

Robinhood acquires global crypto exchange Bitstamp for $200M

TechCrunch · 1y ago

Robinhood acquires global crypto exchange Bitstamp for $200M

Stock-trading app Robinhood has announced its acquisition of cryptocurrency exchange Bitstamp for an estimated $200 million, in a move that expands its presence in the crypto market. This transaction represents Robinhood's ongoing push into cryptocurrencies and its international expansion efforts. Bitstamp, one of the world's oldest crypto exchanges, will help Robinhood target retail and institutional crypto investors in Europe, Asia, and the US. The deal is expected to close in the first half of 2025. Robinhood's valuation has more than doubled in the past year to $19 billion.

Robinhood CEO on the company’s evolution: ‘We’ve made a lot of progress’

TechCrunch · 1y ago

Robinhood CEO on the company’s evolution: ‘We’ve made a lot of progress’

Robinhood, the popular trading platform, has evolved from its initial mission of democratizing stock trading to now offering comprehensive financial services. CEO Vlad Tenev emphasizes the company's focus on helping customers achieve their financial goals, including saving for retirement and building emergency funds. Robinhood recently launched Robinhood Retirement, an individual retirement account with a matching contribution feature. Despite facing challenges, such as the Gamestop trading halt earlier this year, Robinhood has achieved profitability and has plans to expand internationally, starting with a launch in the United Kingdom.

Much excite, very wow: Meme coin volumes jump on local bourses

Economic Times

Economic Times · 1y ago

Much excite, very wow: Meme coin volumes jump on local bourses

The trading of meme coins has seen a surge on Indian cryptocurrency exchanges, driven by the recent resurgence in the global crypto market. Meme coins like Shiba Inu, Dogecoin, Floki, Vita Inu, Doge Bonk, and PepePAD accounted for around half of the total trading value on the top three Indian exchanges. While these highly volatile and risky coins had a 30% share in the value of crypto trades in India, their popularity has increased as investors look for quick returns. Despite their low prices, meme coins have been gaining value rapidly, boosted by social media communities. The rise of meme coins indicates a shift in investor interest towards these assets, but speculative buying may also be a factor.

Is Polygon, Once Feted as India's Only Crypto Decacorn, Receding into Oblivion?

OutlookIndia

OutlookIndia · 5m ago

Is Polygon, Once Feted as India's Only Crypto Decacorn, Receding into Oblivion?

Polygon Labs, once valued at $20 billion during the 2021 crypto boom, has seen its market cap plummet nearly 75% to $2.53 billion by 2025. The decline is attributed to broader crypto market volatility and liquidity fragmentation due to meme coins. Despite challenges, Polygon remains a leader in Ethereum scaling solutions and aims for a comeback by focusing on developer ecosystems and collaborating with companies like Reliance Jio. However, concerns about its long-term relevance persist.

These three new crypto coins are catching serious attention - The Economic Times

Economic Times

Economic Times · 1m ago

These three new crypto coins are catching serious attention - The Economic Times

Three new crypto tokens—Bitcoin Hyper, TOKEN6900, and Snorter Token—are gaining attention. Bitcoin Hyper aims to enhance Bitcoin's utility using Layer 2 solutions. TOKEN6900 embraces meme culture, following the viral success of SHIB and DOGE. Snorter Token focuses on simplifying crypto trading via a Telegram bot, offering swaps, snipes, and portfolio tracking. With fresh capital and innovative approaches, these tokens cater to the evolving needs of the crypto market.

Learn which underrated altcoins offer the best upside potential before mainstream investors drive prices higher.

Economic Times

Economic Times · 2m ago

Learn which underrated altcoins offer the best upside potential before mainstream investors drive prices higher.

Investors are exploring undervalued altcoins like TOKEN6900, Snorter Bot, and Best Wallet. TOKEN6900 is a meme coin with early rewards for supporters. Snorter Bot offers a multichain Telegram trading suite with fast swaps and copy-trading, and Best Wallet provides secure, multi-chain crypto storage with a significant presale success. These projects offer unique opportunities before mainstream adoption, appealing to crypto enthusiasts seeking innovative features and potentially significant returns.

Crypto firm pleads guilty to operating illegally in US

Economic Times

Economic Times · 6m ago

Crypto firm pleads guilty to operating illegally in US

An offshore crypto trading firm, OKX, pled guilty to illegally operating as an unlicensed money transmitting business in the U.S. and agreed to pay $504 million in fines. Despite marketing itself in the U.S., it failed to register with federal regulators, violating anti-money laundering laws. The company, overseen by Aux Cayes FinTech, claimed no customers were harmed. The plea comes amidst the SEC's regulatory pullback on the crypto industry, impacting firms like Robinhood and Coinbase.

Charles Schwab Eyes Spot Crypto Trading Once Regulations Change

Livemint

Livemint · 10m ago

Charles Schwab Eyes Spot Crypto Trading Once Regulations Change

Charles Schwab's incoming CEO, Rick Wurster, has revealed the firm's plans to offer spot cryptocurrency trading once US regulations become more favorable, which is anticipated to happen under President-elect Donald Trump's administration. Schwab already offers crypto-linked ETFs and futures, but Wurster believes that the regulatory landscape will change, leading to a potential for spot crypto trading. The competition for retail investors' dollars has intensified during the pandemic and after the US presidential election, with Schwab facing challenges from Robinhood and Webull, among others. Wurster also mentioned the significant impact of artificial intelligence on the wealth-management business.

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