Robinhood Predicts Market Revenue Could Surpass Crypto Revenue in Q2
BlockBeats News, June 29th, Robinhood, the popular stock and crypto trading app, anticipates rapid growth in its options trading business. Robinhood's Chief Brokerage Officer, Steven Quirk, stated that the company's annual revenue run rate has reached $5 billion. During the second quarter ending on June 25th, Robinhood's options contract trading volume reached approximately 12.3 billion contracts. Calculated at a standard fee of 1 cent per contract, the expected revenue from options trading in this quarter is at least $123 million. The recent launch of their Rothera options trading platform saw a trading volume of over 9 billion contracts in its first week, contributing to nearly 60% growth in options contract trading volume for Robinhood.
Meanwhile, due to softness in institutional trading volume, cryptocurrency trading volume has seen a downturn. It is expected that cryptocurrency revenue in the second quarter will be below $134 million. Options trading revenue is projected to surpass cryptocurrency revenue as the fastest-growing revenue source in this quarter.
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