LIVERobinhood Reports a 75% Surge in Crypto Trading Volume in November
Robinhood has reported a substantial 75% increase in cryptocurrency trading volume for November compared to October, highlighted in a recent filing with the U.S. Securities and Exchange Commission (SEC).
In their detailed 8-K update to the SEC, Robinhood’s significant uptick in crypto trading in November was noted to mark a notable shift in the platform’s recent performance. This increase in trading activity comes after a period of comparatively lower engagement, suggesting a renewed interest in cryptocurrency trading among Robinhood’s user base.
The file provided by Robinhood to the SEC explicitly stated, “November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels.” The “Notional Trading Volume” was defined as “the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class over a specified period of time,” November in this case.
Prior to this notable surge, Robinhood’s cryptocurrency trading had been witnessing a decline. The exchange had reported a significant decrease in transaction-based revenues from cryptocurrencies, with a 55% drop to $23 million in the third quarter of 2023.
Though the company’s crypto revenue had a 26% slide from the previous quarter, it still persists to expand. Vlad Tenev, CEO and co-founder of Robinhood, announced that the exchange will expand to the European Union in the near future.
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