Robinhood Crypto Trading Volumes Surge 95% In A Month To $3.7B In January

Robinhood HOOD reported a 95% month-on-month increase in cryptocurrency trading volumes in January, with total volumes amounting to a whopping $3.7 billion. 

What Happened: Notional Trading Volumes were the primary driver of transaction revenues in January and were significantly higher than in December. Equities reached $46 billion, an increase of 19%, while option contracts climbed 10%, reaching $82.9 million.

At the end of January, Monthly Active Users (MAU) on Robinhood reached 12 million, 600,000 more than in December – a 5% increase. Assets Under Custody (AUC) climbed to $74.7 billion, a 20% increase from the end of December. 

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In the fourth quarter earnings call, Robinhood reported a decline in transaction-based revenue of 11%, down to $186 million. 

Additionally, Options transaction revenue remained unchanged, whereas cryptocurrency and equity transaction-based revenues were down 24% and 32%, respectively.

The online brokerage also allows retail investors to make recurring investments in cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD on its platform.

Robinhood said its board has also authorized the purchase of the 55 million shares previously bought by Emergent Fidelity Technologies, related to a stake in the company owned by FTX's disgraced co-founder and former CEO, Sam Bankman-Fried. 

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