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.
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Robinhood revenue surges on cryptocurrency trades
“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.
