Spot Bitcoin ETFs Contribute 5% of Crypto Trading Volume on Robinhood: CFO

Location Bitcoin ETFs Make a contribution 5% of Crypto Trading Quantity on Robinhood: CFO

Robinhood on Tuesday published that about 5% of its total crypto shopping and selling whisper originates from currently launched design Bitcoin ETFs.

The final 95% mute stems from design shopping and selling conducted within the platform’s crypto division.

Towards the quarterly earnings name, CFO Jason Warnick said the platform is seeing “good ardour in the ETFs, but we deem it’s additive.”

“We surely feel genuinely factual to present the decision for purchasers. We deem it will enhance general market ardour in crypto and also brings liquidity to the market. So, to find-to find, we’re genuinely joyful with the Bitcoin ETFs,” he said.

The SEC approved 11 design Bitcoin ETFs in January, a milestone moment for the digital asset sector because it expands entry to the main crypto on Wall Road and beyond. Robinhood all of a sudden integrated all 11 ETFs to bag to its customers.

“There were some traders that sold out a design and bought to ETF, but that become genuinely extra of the exception. And we also provide the ETFs in our retirement accounts, which accounted for just some of the pickup to boot,” Warnick said.

Robinhood’s 4Q Earnings Hits $471M, Exceeds Analyst Expectations

In the fourth quarter, Robinhood reported an 8% soar in transaction-essentially based revenues to $200m. The expansion become essentially fueled by crypto income, which surged 10% to $43m.

General fourth-quarter income increased by 24% to $471m, with earnings per part at $0.03. This surpassed analysts’ estimates of $457m and an anticipated loss of $0.01 per part.

JUST IN:

🔹 Robinhood’s Q4 crypto income rose 10% to $43M, riding a 15% inventory surge. Its crypto trade quantity surged 89%, hinting at saunter earnings for Coinbase.
🔸 Robinhood also plans to develop globally and has seen a solid starting up in 2024.

— House of Chimera (@HouseofChimera) February 14, 2024

In a presentation, the corporate published that notional crypto shopping and selling quantity rose by 89% when compared to the outdated quarter attributable to increased customer whisper.

Global Expansion Gains Traction

Robinhood marked its world debut in the outdated few months. It first space out to begin inventory brokerage companies and products in the UK, adopted by expanding its crypto choices into the European Union, enabling customers to trade over 25 digital currencies.

CEO Vlad Tenev said that the shopping and selling app’s within expansion has attracted tens of hundreds of world customers to this point.

“We’re investing a better quantity into crypto, every in the EU and domestically. I deem there is a ton of enhancements left to bag,” he said.

Source : cryptonews.com