Robinhood Says Dogecoin Shrank to 40% of Crypto Revenue
Robinhood Says Dogecoin Shrank to 40% of Crypto Revenue
(Bloomberg) -- Robinhood Markets Inc. said Dogecoin, a virtual token that started out as a joke, comprised 40% of its cryptocurrency transaction revenue in the third quarter.
That’s a decline from 62% in the preceding three-month period, according to a filing Friday from the Menlo Park, California-based brokerage.
Robinhood had $51 million of crypto transaction revenue in the third quarter, the company said earlier this week when it reported financial results for the period. That’s down from $233 million in the second quarter.
Dogecoin surged in the second quarter, with the token reaching a record in May. The cryptocurrency made up almost one-third of Robinhood’s total revenue in that period. In the third quarter, it accounted for just 8%.
©2021 Bloomberg L.P.