Robinhood said Monday in a filing with the Securities and Exchange Commission that crypto trading on the platform surged last month amid an ongoing rally.
“November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels,” it wrote in an 8-K update, adding that it would release full operating data for the month in the coming weeks.
The news could mark a reversal for the company, which has lately seen revenue from crypto trading decline. In the third quarter, transaction-based revenues from cryptocurrencies decreased 55% to $23 million. It also saw decreases in the second quarter.
The company said last month that it planned to start offering crypto trading in the EU following its UK launch.
Bitcoin's surge
Bitcoin BTC
+5.71%
‘s price has surged 20.6% over the past month amid optimism that a spot bitcoin ETF could soon be approved by the SEC. It's up 145% over the past year.
The world's largest cryptocurrency by market capitalization was up 5.4% on Monday, rising to $42,006 at 5:08 p.m. ET.
About Author
Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.