Robinhood’s Crypto Revenues Decline
In Q2 2021, fees from trading dogecoin (DOGE) accounted for 32% of investment platform Robinhood’s net revenue. However, its crypto revenues have since declined, dropping from $233 million during the surge to $23 million in Q3 2023. Robinhood’s CEO, Vlad Tenev, expressed that he cannot control the price of Bitcoin or the total volumes in the market but believes that their strategy is correct as they continue to grow market share. Robinhood has been expanding its presence in the decentralized money realm, launching in Europe, relisting coins that were alleged to be unregistered securities by the US SEC, and adding other cryptocurrencies not available in the US. Despite distancing itself from the memecoin mania, Robinhood plans to include dogecoin in its future endeavors. Tenev stated that it is still early innings in the crypto industry.
