Robinhood (HOOD) has managed to surpass $1 billion in revenue within one quarter for the first time ever.
During the fourth quarter, its revenue stood at $1.01 billion. The previous record was $682 million.
Cryptocurrency-related revenue has surged a whopping 700% on the year-over-year basis to $358 million. This sum accounts for the lion's share of the company's transaction-based revenue.
Notably, this is more than they earned from crypto trading in the five prior quarters.
It also recorded options revenue of $222 million and equities revenue of $61 million.
Robinhood's net income has experienced a ten-fold increase, growing to a record-shattering $916 million.
Surging crypto trading volumes
The company's cryptocurrency trading volume was nearly as big as the combined trading volume in the three previous quarters.
Tomiwabold OlajideSuch massive activity should not come as a surprise given that the cryptocurrency market saw a massive rally in Q4, with Bitcoin surpassing $100,000 for the first time and some major altcoins logging massive gains.
In late 2024, the company, which initially made its foray into crypto in 2018, also significantly expanded the number of available tokens by adding XRP, ADA and some other tokens.
HOOD shares surge
Robinhood's shares are up 15.31% in premarket trading after surging by nearly 5% on Wednesday.
"The landscape of investing and financial services is changing," Bitwise CEO Hunter Horsley said in response to Robinhood's impressive earnings.
The company's market cap is currently approaching the $50 billion mark.
As reported by U.Today, Robinhood announced a yet-to-be-finalized deal to purchase Bitstamp for $200 million.
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