Robinhood’s first quarterly results following its bumpy initial public offering came out Wednesday, revealing more details about just how important cryptocurrencies are to the company. Once associated with consumer meme stocks, the trading platform is now, without a doubt, primarily a crypto business.
The second-quarter results showed that crypto transactions made up a little more than half of Robinhood’s $451 million in transaction-based revenue. In the first quarter, crypto was responsible for less than a fifth of total transaction revenue, with crypto transaction revenue totaling just $87.6 million. Robinhood also said the June quarter was the first where more new customers placed their first trade in crypto rather than in equities.
