Robinhood’s crypto revenue fell 38% year-over-year
Robinhood Markets reported $100 million in crypto revenue for the second quarter, down from $160 million a year earlier.
The decline is attributed to struggles in leading digital assets like Bitcoin, which is currently trading at $64,800, down from its all-time high of $126,000.
Despite the crypto slump, Robinhood’s financial results beat forecasts, with earnings per share of $0.62 and revenue reaching a record $1.31 billion.
The company’s stock is up 2% following the earnings report, with new products like options trading features and a prediction market contributing to the boost.