Robinhood said in a filing with the Securities and Exchange Commission on Monday that cryptocurrency trading on its platform has surged over the past month amid continued gains.
“November cryptocurrency notional volume was approximately 75% higher than October 2023 levels,” the 8-K update wrote, adding that it would release full operational data for the month in the coming weeks.
The news could mark a turnaround for the company, which has seen revenue from cryptocurrency trading decline recently. In the third quarter, cryptocurrency trading-based revenue fell 55% to $23 million. A decline was also seen in the second quarter.
The company said last month that it plans to begin offering cryptocurrency trading in the EU following its UK launch.
Bitcoin’s surge
bitcoin BTC
+5.03%
The world’s largest cryptocurrency by market capitalization rose 5.4% to $42,006 at 5:08 PM ET on Monday.
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About the author
Nathan Crooks is the US editor-in-chief of The Block, based in Miami. He previously worked at Bloomberg News for 12 years, serving as breaking news editor and bureau chief in Caracas, Venezuela, before leading coverage of South Florida. He has interviewed presidents, government ministers, and CEOs, and in addition to cryptocurrencies, he has covered major news events in the field ranging from earthquakes, hurricanes, and the 2018 Chilean mine rescue. A native of Clarion, Pennsylvania, Nathan earned his bachelor’s degree from the university. He earned a specialist degree in political science from Toronto and an MBA from American University in Washington, DC.