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Nearly 14.2m Robinhood users, or roughly 63% of the company’s customer base with funded accounts, traded digital assets in the second quarter. Robinhood earned $233m in fees from routing customers’ cryptocurrency trades to high-speed trading firms, with dogecoin accounting for nearly two-thirds of the volume. That is up from just $5m a year earlier.
“Customers that have been participating in these IPOs have been relatively diamond-handed, so to speak,” said Mr. Tenev, referring to a popular term on trading message boards to describe investors who hold on to stocks for the long term.
https://www.wsj.com/articles/robinhood-revenue-surges-on-cryptocurrency-trades-11629319749
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