Robinhood posted document second-quarter web income of $1.31 billion, up 32% year-over-year, as exercise throughout prediction markets, choices, and equities helped offset a pointy decline in crypto revenue.
The corporate’s transaction-based income jumped 44% to $776 million in the course of the quarter. Occasion contracts emerged as one among its fastest-growing companies.
In actual fact, income from occasion contracts reached $156 million, greater than 10 instances greater than a 12 months earlier. The variety of contracts traded additionally surged greater than 10x to a document 13.6 billion.
Prediction Markets Steal the Highlight
Talking concerning the progress of prediction markets, Chairman and CEO Vlad Tenev mentioned that the area has grown steadily since March and expects the momentum to proceed. Robinhood launched Rothera, a CFTC-licensed trade and clearinghouse, in June by its three way partnership with Susquehanna Worldwide Group. The corporate mentioned greater than 3.5 billion occasion contracts had been traded so far.
In the meantime, choices remained one other main contributor, producing $342 million in income. This determine was up by 29% year-over-year. Equities income climbed much more sharply, rising 95% to $129 million as fairness notional buying and selling volumes reached a document $956 billion, an 85% enhance from the identical interval final 12 months.
The robust efficiency throughout these companies got here regardless of weaker cryptocurrency exercise. Robinhood’s crypto income fell 38% year-over-year to $100 million, whereas crypto notional buying and selling quantity stood at $40 billion, together with $18 billion from its app and $22 billion from Bitstamp.
World Push
The net brokerage is pushing deeper into blockchain and digital property internationally. It unveiled the general public mainnet for Robinhood Chain, an Ethereum Layer 2 community designed for monetary providers and real-world property, whereas additionally asserting inventory tokens for eligible customers in additional than 120 international locations.
In Might, it launched Agentic Buying and selling, which permits clients to make use of AI-powered brokers to commerce equities, choices, and crypto. Practically 100,000 clients have opened Agentic Buying and selling accounts to this point, with greater than $100 million in property beneath custody.
Through the quarter, the corporate expanded its worldwide footprint by closing its acquisition of WonderFi, a Canadian digital asset services platform. The transfer marked its official entry into the Canadian market.
Tenev additionally pointed to the broader enlargement technique, saying
“Whether or not it’s the Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is concentrated on one purpose: making everybody an proprietor. Broad possession is important to a free, steady, and affluent society.”
The publish Robinhood’s Q2 Income Hits Document $1.31B as Prediction Markets Gasoline 10x Surge in Occasion Contracts appeared first on CryptoPotato.