Robinhood doubles profit, crypto revenue up 98%, accelerates tokenization strategy and global expansion

Robinhood (HOOD) has just reported its Q2 earnings, with crypto transaction revenue up 98% year-over-year to $160 million. Crypto trading volume reached $28 billion, up 32% from the same period last year.

Although down from Q1’s $46 billion in trading volume and $252 million in crypto revenue, the company continues to expand its long-term crypto strategy, including:

Acquiring WonderFi in Canada for $179 million.

Completing the $200 million acquisition of crypto exchange Bitstamp, which posted $7 billion in trading volume post-acquisition.

Launching tokenized stock and crypto perpetual futures trading in the EU.

Enabling Ethereum and Solana staking in the U.S.

Developing a Layer 2 blockchain built on Arbitrum.

CEO Vlad Tenev emphasized that launching tokenization is “the biggest innovation our industry has seen in the past decade.”

Q2 diluted earnings came in at $0.42 per share, doubling from the same period last year. Total revenue rose 45% to $989 million, beating analyst expectations. HOOD shares rose 2.7% to close at $106.10, giving Robinhood a market cap of $90 billion.

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