Louisa Crawford
December 12, 2024 06:36
Robinhood Markets, Inc. reported strong growth in cryptocurrency trading volume and custody assets in November 2024, reflecting significant year-over-year increases.
Robinhood Markets, Inc. (NASDAQ: HOOD) released monthly operating data for November 2024, showing impressive growth in several key areas, according to GlobeNewswire. In particular, the company’s cryptocurrency trading volume surged by more than 500% compared to the previous month, recording an astonishing 700% increase compared to the previous year.
Key indicators and growth
Robinhood’s November report highlighted a total of 24.8 million funded accounts, reflecting an increase of about 420,000 from October and an increase of 1.5 million from the same month last year. Assets under custody (AUC) also increased significantly, reaching $195 billion, a 22% increase from October 2024 and a 106% increase year-over-year.
The company’s net deposits in November were $5.6 billion, representing a 42% annual growth rate compared to October’s AUC. Over the past 12 months, net deposits have accumulated to $47.4 billion, recording an average annual growth rate of 50% compared to November 2023.
Volume Insights
Notional stock trading volume was reported at $147.1 billion, up 16% from October and a dramatic 178% year-over-year increase. Options contracts traded were down 2% from the previous month but up 63% compared to November 2023. Notably, cryptocurrency notional trading volume surged to $35.2 billion, highlighting Robinhood’s significant growth trajectory in the digital asset space.
Margin balances reached $6.8 billion at the end of November, reflecting a 10% increase month-on-month and a 100% year-on-year increase. Total cash sweep balances also increased 4% to $26.5 billion, up 74% year-over-year.
Securities loans and profits
Robinhood’s securities lending revenue in November was $23 million, up 21% from October and 109% from a year earlier. This revenue growth complements the overall positive trajectory of Robinhood’s financial performance.
About Robinhood
Robinhood Markets, Inc. is known for revolutionizing the financial services industry by offering commission-free trading. Headquartered in Menlo Park, California, the platform offers users the ability to trade stocks, options and cryptocurrencies along with investment opportunities for retirement. Robinhood continues to deliver value to its customers through innovative financial products designed for the modern investor.
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