Robinhood's crypto trading surges, as overall growth slows

After helping a caller procreation of investors get into stocks, Robinhood is progressively doing the aforesaid for cryptocurrencies.

More than $4 of each $10 that Robinhood Markets Inc. made successful gross during the outpouring came conscionable from customers trading bitcoin, dogecoin and different cryptocurrencies.

Robinhood besides said Wednesday that it mislaid $501.7 million, oregon $2.16 per share, compared with a nett of $57.6 million, oregon 9 cents per share, successful past year's second quarter.

The nonaccomplishment was nary astonishment aft the company had earlier fixed preliminary estimated results for the quarter. The company's slowdown successful revenue growth was besides expected: It much than halved to 131% from 309% successful the archetypal 3 months of the year.

But the grade of the crisp emergence successful crypto's value to Robinhood's concern was striking. Cryptocurrencies made up 41% of each of Robinhood's $565.3 cardinal successful revenue. That's up from 17% successful the archetypal 3 months of the twelvemonth and from conscionable 3% astatine the commencement of past year. The outpouring marked the first quarter for Robinhood wherever caller customers were much apt to marque their archetypal commercialized successful cryptocurrencies alternatively than successful stocks.

Shares successful Robinhood, which is based successful Menlo Park, California, person moved sharply up and down since they began trading astatine $38 connected July 29, veering betwixt $33.25 and $85. They were down 6.8% successful after-hours trading, aft rising 6.7% Wednesday to adjacent astatine $49.80.

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