Robinhood Company Crypto Trading Revenue Drops in Q1 2023

Liputan6.com, Jakarta Crypto trading platform Robinhood (HOOD) reported crypto currency trading revenue of USD 38 million or the equivalent of IDR 560.9 billion (assuming an exchange rate of IDR 14,761 per US dollar) for the first quarter of 2023.

Reporting from CoinDesk, Friday (12/5/2023), this value decreased by around 30 percent compared to USD 54 million or the equivalent of IDR 797 billion for the previous year period, according to the company’s revenue results. However, on a quarterly basis, crypto revenue fell by just 1 percent.

The figure for USD 38 million in crypto trading revenue in the first quarter compared to USD 441 million in trading revenue across all HOOD businesses, an increase of 47.5 percent year-over-year.

The company also reported having around USD 11.5 billion worth of crypto assets, up 36 percent from the fourth quarter, reflecting the rebound in the cryptocurrency market in early 2023.

Robinhood is a crypto exchange that was once the target of regulation from the US Securities and Exchange Commission (SEC). In early 2023, Robinhood revealed the company was subpoenaed by the SEC. The company disclosed the investigation in its most recent filing with the SEC.

In it, the company listed among disclosures of potential risks to its business a subpoena from the SEC regarding supported cryptocurrencies, cryptocurrency holdings, and the operation of the Robinhood platform.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.