Robinhood’s crypto division earned a record $268 million, quadrupling from last year.
Overall transaction revenue surged 129% year-over-year, driven by digital asset trading.
The third quarter results of Robinhood Markets were impressive and far surpassed the expectations of Wall Street, driven by the massive expansion of its cryptocurrency trading division.
The cryptocurrency unit of the trading platform earned a record-breaking amount of $268 million in the quarter, which is four times higher than the amount earned last year. This increased trading activity in digital assets was the driving force in the overall growth in transaction revenue of the company of 129% year-over-year.
The total quarterly revenue was also higher by a comfortable margin at $1.27 billion compared to analyst estimates of $1.2 billion, and is a doubling of the previous year. The earnings per share of the company rose to 61 cents, surpassing expectations of 51 cents and increasing by 259% com
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