THELOGICALINDIAN - Trading belvedere Robinhood has appear that 40 of its cryptocurrency transactionbased acquirement was attributable to affairs in the meme cryptocurrency dogecoin in the third division By allegory dogecoin accounted for 62 of the companys transactionbased acquirement in the additional quarter
Dogecoin Trading on Robinhood
Robinhood Markets Inc. declared in its annual filing with the U.S. Securities and Exchange Commission (SEC) Friday:
This was a cogent abatement from 62% for the three months concluded June 30, and 34% for the three months concluded March 31.
Robinhood’s third-quarter transaction-based acquirement totaled $267 million, with alone $51 actor advancing from cryptocurrency trading. Acquirement from crypto trading totaled $233 actor in the additional quarter.
The company’s Q3 filing added notes: “For the abode concluded September 30, 2024, June 30, 2024, and March 31, 2024, transaction-based acquirement attributable to affairs in dogecoin comprised about 8%, 32%, and 7% of our absolute net revenues, respectively.”
Robinhood explained, “We abutment trading in dogecoin and we benefited from a billow in absorption for dogecoin during the division concluded June 30, 2024,” adding:
DOGE was bottomward about 9% in the accomplished 24 hours, but up 7% in the aftermost seven canicule and 32% in the aftermost 30 days.
Currently, supporters of DOGE battling shiba inu are petitioning on Change.org for Robinhood to account SHIB. At the time of writing, added than 432K signatures accept been collected. “Dogecoin has been a huge success for Robinhood, and its investors. We accept all enjoyed the ride. Shiba Inu is a agnate meme bread with 18-carat potential, up 2,000% in the aftermost weeks,” the address states.
What do you anticipate about dogecoin accounting for 40% of Robinhood’s transaction-based revenue? Let us apperceive in the comments area below.
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