U.S. Robinhood's virtual currency trading service contributes to increased revenue, stock price rises 13% from the previous day due to unexpected results

Increased revenue from virtual currency trading

On the 13th, Robinhood, a US company that provides investment services for crypto assets (virtual currencies) and stocks, announced its financial results for the fourth quarter (October to December) and full year of 2023.

In the fourth quarter, the company reported transaction revenue of $200 million (approximately 30 billion yen), an 8% year-on-year increase. He explained that virtual currency trading led this increase. 4Q revenue from cryptocurrency trading increased 10% year-on-year to $43 million (approximately 6.4 billion yen).

Net revenue for 2023 as a whole was $1.87 billion (approximately 280 billion yen), an increase of 37% from the previous year. CEO Vlad Tenev calls 2023 a strong year for the company, as the company continued to accelerate its product rollouts, increase market share, and begin to expand globally. He also informed that business was going well in the first quarter of 2024 (January to March).

The company's performance was unexpectedly strong and its stock price rose. The closing price on the 13th was $11.84, but the closing price on the 14th was $13.38, an increase of 13% from the previous day.

Other announcements

As for other information regarding virtual currencies, in the key points section of the announcement, the company mentioned that it had started handling Bitcoin (BTC) spot ETFs (exchange traded funds) in the United States from the first day of listing.

connection: US investment app Robinhood newly lists 11 Bitcoin spot ETFs

Another item reporting the company's expansion into Europe includes the launch of virtual currency services in the region. The company also said it plans to continue to explore opportunities to continue expanding its customer base outside the United States.

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As for Robinhood's recent efforts, on the 6th of this month, it was announced that it had collaborated with Web3 wallet MetaMask. We are launching a new service that will make it easier to access the virtual currency market in the United States.

connection: Robinhood and MetaMask partner up to make it easier to buy cryptocurrencies in the US

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Additionally, virtual currency exchange Coinbase is scheduled to announce its financial results on the 15th local time.

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