Robinhood's first-quarter notional crypto trading volume jumped to $36 billion, a 224% increase from the previous year, contributing to a 232% rise in crypto-related revenue to $126 million.
Despite facing regulatory scrutiny, Robinhood surpassed analyst expectations with $618 million in revenue and $0.18 earnings per share for the first quarter, driving its stock up 7% in post-market trading.
Shares of Robinhood rose 40% for the year, propelled by the boost in transaction-based revenue from crypto trading, contrasting with Coinbase's slightly down performance.
The U.S. Securities and Exchange Commission issued a Wells Notice to Robinhood regarding its crypto unit, highlighting increasing regulatory challenges in the industry.
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