Robinhood Markets Inc (NASDAQ:HOOD) posted a record $1.01 billion in Q4 revenue, fueled by a 500% surge in crypto trading fees, which reached a record $358 million.
The financial services company’s performance comes as a result of a renewed wave of retail interest in crypto, with the platform benefiting from the ongoing bull market.
Robin Hood’s net income for Q4 totaled $916 million, well above analysts’ expectations.
Crypto trading volumes in Q4 reached $71 billion, a 400% increase year-over-year. Robinhood has also expanded its crypto services, launching ether staking in the EU and adding seven new crypto assets in the US during the quarter.
Additionally, Robinhood announced its acquisition of Bitstamp, the world’s oldest crypto exchange, in a deal expected to close in the first half of 2025.
CEO Vlad Tenev remains bullish on the future of crypto, emphasizing Robinhood’s ambition to enable global access to a wide range of financial assets.
“We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood,” Tenev told shareholders.
Robinhood’s stock rose 11% on Thursday, bringing its share price to over $62. The stock has surged 360% since early 2024.