Popular trading platform Robinhood saw significant growth in its key metrics in October, with significant increases in trading volumes and client assets under management.
Robinhood Reports Increased Trading Volumes, Customer Growth in October
Trading volumes in the company’s shares jumped 48% to $126.4 billion from September, while cryptocurrency trading rose 51% to $5.6 billion. Trading in options contracts also showed strong momentum, rising 16% to 158 million contracts.
Compared to October 2023, the surge is even more noticeable: equities increased by 149% from $50.8 billion, and cryptocurrencies by 143% from $2.3 billion. Good results in the cryptocurrency market are confirmed by the third quarter report. In the period from July to September, the popular American company’s revenue was $637 million, an increase of 36%.
Robinhood’s custodial assets (AUC) reached $159.7 billion, up 5% from September and an impressive 89% year-over-year. The platform attracted nearly 90,000 new funded customers in October, bringing its total customer base to 24.4 million.
“Net deposits in October were $5.2 billion, representing an annual growth rate of 41% compared to September 2024 AUC,” the company commented yesterday (Monday). Over the last twelve months, net deposits totaled $43.2 billion, representing an annual growth rate of 51% compared to AUC in October 2023.”
Margin balances rose to $6.2 billion, up 13% from September, and cash balances increased 4% to $25.5 billion. The company’s securities lending revenue reached $19 million, up 6% month-on-month.
Robinhood Stock Price: HOOD Tests Three-Year High
Following the latest report, Robinhood shares rose more than 7% during Monday’s session, testing above $34 per share. For the company, which trades on Nasdaq under the ticker HOOD, this is the highest level in three years.
The recent rise in Robinhood shares is partly due to Bitcoin’s rise to the $90,000 mark, setting new all-time highs. At the same time, Robinhood partnered with major cryptocurrency companies to launch the Global Dollar Network, marking a significant expansion of its digital asset strategy. This initiative, which includes industry leaders such as Kraken, Paxos and Galaxy Digital, aims to challenge the stablecoin market currently dominated by Tether and USD Coin.
The network will feature USDG, a regulated stablecoin issued by Paxos in Singapore, while the reserve assets will be managed by DBS Bank. The move represents Robinhood’s most ambitious cryptocurrency venture since introducing cryptocurrency trading on its platform.
