How Robinhood Makes its Money: Revenue Breakdown

Key Takeaways

• Robinhood generated $2.95 billion in total revenue in FY2024, up +51.3% year-over-year — the strongest growth since the 2021 meme-stock era
• Transaction-based revenue (payment for order flow + crypto spreads) is the largest stream at $1.41B (48%), led by options PFOF (~$0.81B)
• Net interest revenue of $1.11B (38%) is highly sensitive to Federal Reserve rate policy — the largest structural risk to near-term earnings
• Operating income of $540M (18.3% operating margin) — Robinhood turned solidly profitable in 2024 after years of losses
• GAAP net income of $1.41B is inflated by ~$893M in deferred tax asset recognition; underlying operating profitability (~$0.54B) is the cleaner benchmark
• Assets under custody: $193B — nearly doubled YoY, driven by the S&P 500 rally and Bitcoin surpassing $100,000
• 24.3 million funded accounts with ARPU of $121 (up from $80 in 2023)
• Robinhood Gold at 2.5M+ subscribers is the high-margin subscription flywheel with significant runway

How Does Robinhood Make its Money?

Robinhood Markets is a financial services platform that popularized zero-commission trading for retail investors, making it possible to buy stocks, options, ETFs, and cryptocurrencies without paying per-trade fees. The headline is “commission-free” — but Robinhood generates substantial revenue through mechanisms that most casual users don’t see: payment for order flow, the spread between customer cash yields and money market returns, and premium subscription fees.

In FY2024, Robinhood generated $2.95 billion in total revenue — up +51.3% from $1.95 billion in FY2023. Revenue growth was driven by a surge in crypto trading volumes (Bitcoin crossed $100,000), strong options trading activity, and the continued high-interest-rate environment boosting net interest income.

The business sits at the intersection of a transaction fee model (PFOF and crypto spreads) and a subscription model (Robinhood Gold), layered on top of a banking-style spread business (net interest revenue). Understanding all three is necessary to understand how Robinhood actually makes its money.

Robinhood (HOOD) Business Model

Payment for Order Flow: The Engine Behind “Free” Trading

When Robinhood launched in 2013, the brokerage industry charged $5–10 per trade. Robinhood offered zero-commission trading — not by sacrificing revenue, but by monetizing the order flow itself. This practice, called payment for order flow (PFOF), works as follows:

1. A Robinhood customer places an order to buy 100 shares of Apple
2. Instead of sending the order to the NYSE or Nasdaq, Robinhood routes it to a market maker — Citadel Securities, Virtu Financial, or Susquehanna
3. The market maker executes the trade and pays Robinhood a per-share or per-contract rebate for routing the order to them
4. The customer pays no commission; Robinhood earns the rebate; the market maker earns the spread

The PFOF amount varies by asset class:

• Options have the highest PFOF rates because options bid-ask spreads are wider, giving market makers more room to share revenue with Robinhood
• Crypto has no traditional PFOF — instead Robinhood earns a wider bid-ask spread on crypto trades by quoting slightly above the market rate
• Equities have the lowest PFOF rates because stock spreads are extremely tight (fractions of a cent per share)

This is why options represent ~57% of Robinhood’s transaction revenue despite being a more complex product than stocks. Options trading is structurally more profitable for Robinhood than equity trading.

The regulatory risk: PFOF is legal in the United States but banned in the United Kingdom and European Union on the grounds that it creates a conflict of interest — Robinhood may route orders to maximize its own rebates rather than to achieve the best price for customers. The SEC has studied PFOF rule changes for years without finalizing major restrictions. Any U.S. PFOF ban would be the single largest threat to Robinhood’s revenue model.

Net Interest Revenue: The Hidden Banking Business

Robinhood operates a significant spread-based banking business that most users don’t think about. Every dollar of uninvested cash sitting in a Robinhood account is money Robinhood can deploy in money market instruments at the prevailing short-term interest rate. Robinhood passes some of that yield to customers (Gold subscribers receive 4%+ APY; standard accounts receive less) and keeps the spread.

Net interest revenue has three additional components:

• Margin lending: Customers who borrow money to trade on margin pay Robinhood 6.75–8% annually (standard accounts). Robinhood borrows at lower institutional rates and earns the spread
• Securities lending: Shares held in Robinhood customer accounts can be lent to short sellers. Robinhood earns a lending fee and splits it with the account holder (in the securities lending program)
• Corporate cash: Interest earned on Robinhood’s own balance sheet cash

This revenue stream scales with (1) total assets under custody and (2) prevailing interest rates. With $193B AUC and rates at multi-decade highs through 2024, net interest revenue grew to $1.11B — 38% of total revenue. If the Federal Reserve cuts rates significantly, this stream will compress.

Robinhood Gold: The Subscription Flywheel

Robinhood Gold is a premium membership tier priced at $5/month or $50/year (equivalent to $4.17/month annually). At 2.5 million+ subscribers paying ~$50/year, Gold generates approximately $125 million in pure subscription revenue annually — high-margin, recurring, and uncorrelated with market volatility.

Gold benefits create a self-reinforcing flywheel:

• Higher cash yield (4%+ APY vs. lower standard rate) — incentivizes Gold subscribers to keep more uninvested cash on the platform, which generates more net interest revenue for Robinhood
• 3% IRA match (vs. 1% standard) — attracts retirement assets, which are stickier and grow the AUC base over time
• Morningstar research — positions Robinhood as a serious investment platform rather than just a trading app, increasing the perceived value of staying
• Larger instant deposits — reduces friction for large transfers, incentivizing Gold subscribers to move more assets to Robinhood

The Gold flywheel is the most strategically important element of Robinhood’s long-term model: Gold subscribers generate more net interest revenue (by keeping more cash on platform), are more active traders (generating more PFOF), and pay the subscription fee directly. ARPU for Gold subscribers is significantly higher than the platform-wide $121 average.

The Crypto Revenue Engine

Robinhood’s crypto business differs from its stock/options business in a critical way: there is no PFOF in crypto. Instead, Robinhood earns revenue on crypto trades through a bid-ask spread — quoting customers a slightly worse price than the underlying market rate and keeping the difference.

In FY2024, crypto transaction revenue was approximately $360 million — boosted dramatically by Bitcoin surpassing $100,000 and a surge in retail crypto trading activity. Crypto revenue is highly cyclical and correlated with Bitcoin’s price. In bear markets (2022), crypto revenue collapses; in bull markets (2024), it becomes the fastest-growing revenue stream.

Robinhood’s $200 million acquisition of Bitstamp (completed 2024) was the most significant strategic move in the company’s history. Bitstamp is a licensed European crypto exchange — giving Robinhood a regulated platform for international expansion into markets where PFOF is illegal. If Robinhood can replicate its U.S. trading volume on Bitstamp in the EU and UK, crypto spreads become the primary revenue model internationally.

The Platform Ecosystem Model

Robinhood’s broader strategy is to become a financial platform ecosystem — a one-stop destination for retail investing, retirement savings, crypto trading, and eventually banking and credit. The 2023 acquisition of X1 (a credit card startup) and the development of Robinhood’s cash card signal ambitions to capture daily financial activity, not just investment accounts. Platform depth increases switching costs: a customer whose brokerage, IRA, crypto wallet, and debit card all live on Robinhood is far less likely to transfer assets than a customer using Robinhood only for stock trading.

Robinhood Competitors

Charles Schwab is Robinhood’s primary retail brokerage competitor. Schwab eliminated commissions in October 2019 — a direct response to Robinhood’s growth — and now competes on the breadth of services (advisor networks, banking products, institutional capabilities) that Robinhood lacks. Schwab manages trillions in AUC versus Robinhood’s $193B. See Robinhood vs. Charles Schwab for a head-to-head comparison.

Coinbase competes directly in crypto trading. Coinbase is the leading U.S. crypto exchange by volume; Robinhood entered crypto later and with a narrower token selection, but is growing aggressively through the Bitstamp acquisition. See Coinbase vs. Robinhood for a detailed comparison.

SoFi competes in the broader fintech/investing segment. SoFi has a banking charter (giving it direct access to deposit funding), an investing platform, and a lending business. SoFi targets a similar demographic (younger, digitally-native investors) but has a more diversified revenue model with less PFOF exposure.

Block (Cash App Investing) competes in retail stock and Bitcoin trading through Cash App’s investing feature. Cash App’s advantage is its 50M+ existing user base for P2P payments — it can cross-sell investing to existing users with near-zero acquisition cost. Robinhood’s advantage is deeper investing features (options, margin, IRA) vs. Cash App’s simpler product.

PayPal competes in crypto trading through its PayPal app and Venmo. PayPal’s crypto capabilities are more limited than Robinhood’s but its scale (hundreds of millions of users) gives it distribution advantages.

Traditional brokerages — JPMorgan (You Invest), Morgan Stanley (E*TRADE) — compete in the broader retail investor market with more institutional resources and service breadth.

Revenue Breakdown

The 2024 revenue story is dominated by two themes: (1) the crypto bull market (Bitcoin >$100K) caused crypto transaction revenue to roughly triple, and (2) the high-interest-rate environment sustained the $1.1B net interest stream at near-peak levels. Options PFOF — the most structurally durable revenue stream — grew at a more moderate +72%, reflecting organic growth in Robinhood’s options user base.

Transaction-Based Revenue Deep-Dive

Options (~$0.81B, ~57% of Transaction Revenue)

Options PFOF is Robinhood’s most profitable transaction stream. When a customer buys or sells an options contract, Robinhood routes the order to a market maker that pays a per-contract rebate — typically $0.15–$0.50 per contract depending on volume agreements and contract characteristics. Because options bid-ask spreads are measured in cents per share × 100 shares per contract, even a small slice for Robinhood accumulates quickly at high volumes.

Robinhood’s democratization of options trading has been controversial. Options are leveraged instruments that can result in total loss of the premium paid. The GameStop events of 2021 and multiple high-profile retail investor losses involving options led FINRA to scrutinize Robinhood’s options onboarding practices — resulting in part of the 2021 $70M fine.

Cryptocurrencies (~$0.36B, ~26% of Transaction Revenue)

Crypto revenue is Robinhood’s most volatile stream — cyclically tied to Bitcoin’s price and retail trading sentiment. In 2024, Bitcoin’s rally above $100,000 drove a surge in trading volumes and revenue. In 2022, the crypto bear market caused Robinhood’s crypto revenue to collapse ~60% year-over-year.

Unlike stocks and options, crypto on Robinhood earns a spread (not PFOF) because there is no regulated national market system for crypto with the same PFOF structure. Robinhood quotes a price slightly wider than the underlying market and earns the difference on each trade. The Bitstamp acquisition adds a regulated exchange model that can serve European customers where PFOF doesn’t apply.

Equities (~$0.24B, ~17% of Transaction Revenue)

Equity PFOF is the smallest and slowest-growing transaction stream. Stock market bid-ask spreads have narrowed to fractions of a penny on most liquid securities, leaving less room for market makers to share with Robinhood. Regulatory pressure on PFOF focuses disproportionately on equity PFOF because it is the most visible and most studied. If the SEC finalizes PFOF restrictions, equity PFOF is the most vulnerable stream.

Net Interest Revenue Deep-Dive

Net interest revenue ($1.11B, 38% of total) is the most interest-rate-sensitive component of Robinhood’s model. As the Federal Reserve held rates above 5% through most of 2024, Robinhood earned meaningful spreads on:

• Customer cash sweeps: The ~$4–5B of uninvested cash held in customer accounts earns the prevailing money market rate. Robinhood keeps a portion of that yield (passing the rest to customers, with Gold members receiving preferential rates)
• Margin balances: Robinhood charges 6.75–8.0% annually on standard margin accounts. With approximately $3–4B in margin balances, this contributes several hundred million dollars in interest income
• Securities lending: Shares in customer accounts (particularly heavily shorted stocks) generate lending fees. Robinhood splits these fees with customers enrolled in the stock lending program

The interest rate sensitivity means Robinhood’s revenue model has significant macro exposure. A Federal Reserve cutting cycle that brings rates from 5%+ to 2–3% could reduce net interest revenue by $300–400M annually — equivalent to eliminating most of Robinhood’s operating profit.

Robinhood (HOOD) Income Statement

Financial data sourced from Robinhood SEC Filings. Note: FY2024 net income of $1.41B includes approximately $893M in deferred tax asset recognition (release of NOL reserves). Adjusted for the tax benefit, underlying net profitability aligns with operating income of ~$0.54B.

The FY2024 income statement is a landmark: Robinhood swung from -$220M operating loss to +$540M operating income — a $760M improvement on $1B of incremental revenue. The operating leverage reflects a business that reached sufficient scale to cover its fixed cost base (technology infrastructure, compliance overhead, clearing infrastructure) while revenue grew much faster than costs (+51.3% revenue vs. +11.1% expense growth).

The gap between net income ($1.41B) and operating income ($0.54B) requires explanation: Robinhood recognized a large deferred tax asset in FY2024, reversing prior-year valuation allowances as the company demonstrated it could generate sustained profits and utilize its accumulated net operating loss carryforwards. This is a one-time accounting benefit — it does not represent recurring cash tax savings of that magnitude.

Robinhood (HOOD) Key Financial Metrics

Key Metric Observations

ARPU of $121 growing at +51% reflects two converging forces: existing users trading more (especially options and crypto), and Gold subscriber penetration increasing the revenue per account. The long-term ARPU opportunity is significant — traditional brokerage platforms like Charles Schwab generate $300–400+ revenue per account annually. Robinhood is still well below that ceiling, suggesting meaningful expansion runway as users deepen their platform usage.

Assets under custody of $193B nearly doubling in one year is the most striking balance sheet metric. Even if no new customers joined, the appreciation of existing assets would have grown AUC — but net new deposits also accelerated as Robinhood Gold’s high yield attracted cash from competing platforms. AUC is the multiplier on all of Robinhood’s interest-based revenue.

The PFOF/interest rate dual risk means Robinhood’s revenue model is exposed to two independent macro factors simultaneously: (1) regulatory risk to transaction revenue and (2) interest rate risk to net interest revenue. Together, these two streams represent 86% of revenue. Diversification into Gold subscriptions (recurring, uncorrelated) and the Bitstamp international model (spread-based, no PFOF) are strategic hedges against both risks.

Is Robinhood Profitable?

Yes — but the specific nature of Robinhood’s profitability warrants careful examination.

• Operating income: $540 million (18.3% operating margin) — this is the cleanest measure of Robinhood’s recurring business profitability
• Gross margin: Financial services platforms like Robinhood don’t report traditional gross margin; the operating margin is the relevant efficiency metric
• GAAP net income: $1.41B — includes ~$893M non-cash deferred tax asset recognition from NOL release; not indicative of recurring earning power
• Free cash flow: Approximately $0.5B, consistent with operating income

Robinhood turned profitable in 2024 through two simultaneous drivers: revenue grew +51% while operating expenses grew only +11%. The operating leverage in this model is substantial — the technology infrastructure, compliance function, and clearing relationships are largely fixed costs that do not scale proportionally with transaction volume. Each additional dollar of crypto or options revenue flows through to operating income at high incremental margins.

The sustainability question: operating income of $540M in 2024 was dependent on elevated interest rates (boosting the $1.1B NII stream) and a crypto bull market (boosting the ~$360M crypto stream). In a normalized rate + bear market scenario, operating income could be materially lower. This cyclicality is the core investment risk.

Where Does Robinhood Spend its Money?

Technology & Development (~$0.82B, 27.8% of revenue)

Robinhood’s largest expense is platform engineering: maintaining 24/7 trading infrastructure across stocks, options, ETFs, and crypto; developing new features (24-hour trading, extended hours, IRA products); building regulatory and compliance technology; and integrating the Bitstamp acquisition. Technology costs have grown more slowly than revenue — demonstrating that Robinhood’s platform is scaling, not requiring proportionally more engineering spend per transaction.

General & Administrative (~$0.72B, 24.4% of revenue)

G&A at Robinhood is unusually high relative to revenue because of the company’s substantial legal and regulatory burden. Multiple SEC and FINRA enforcement actions, ongoing litigation from the 2021 GameStop restrictions, and the compliance requirements of operating as a FINRA-registered broker-dealer (including net capital requirements) all drive elevated G&A. As regulatory investigations age out and litigation resolves, G&A should decline as a percentage of revenue.

Marketing (~$0.36B, 12.2% of revenue)

Customer acquisition marketing, brand campaigns, and the referral bonus programs that built Robinhood’s early user base. Marketing efficiency has improved — Robinhood’s Gold yield advantage and IRA match have become organic acquisition tools that reduce paid marketing dependence.

Operations (~$0.26B, 8.8% of revenue)

Customer support, clearing operations, fraud prevention, and account servicing. Robinhood’s self-service app model keeps per-account support costs lower than traditional brokerage.

Brokerage & Transaction Costs (~$0.25B, 8.5% of revenue)

Regulatory transaction fees (SEC fees, FINRA TAF), clearing and settlement costs, and the operational costs of executing trades. These are largely variable with trading volume.

Robinhood vs. Comparable Fintech/Brokerage Companies

Robinhood sits at an interesting juncture: more profitable than its early-stage reputation suggests, but more exposed to macro factors (rates, crypto cycles, PFOF regulation) than traditional brokerages. The path to Schwab-level AUC growth requires winning long-term retirement assets — the IRA product and Gold match are the primary tools.

Robinhood History and Milestones

Robinhood (HOOD): What to Watch

1. PFOF Regulatory Risk: The Existential Question Payment for order flow accounts for ~48% of Robinhood’s revenue and is the most debated practice in U.S. retail investing. The SEC under multiple administrations has studied PFOF rule changes — including a 2022 proposal that would have required auctions for retail orders, effectively reducing PFOF payments. No rule has been finalized. If PFOF is restricted or banned, Robinhood would need to charge explicit commissions (which Charles Schwab and Coinbase could match), negotiate new revenue-sharing arrangements, or accept a significant revenue decline. This is the single most important regulatory risk for Robinhood’s business model.

2. Interest Rate Sensitivity: The Hidden Macro Lever The Federal Reserve’s rate path will directly determine the trajectory of Robinhood’s $1.1B net interest revenue stream. Each 100 basis points of rate cuts reduces net interest income by an estimated $150–200M — roughly 5–7% of total revenue. In a scenario where rates normalize to 2.5–3%, Robinhood’s NII could be $300–400M lower than 2024 levels, erasing most of its current operating profit. Monitoring Fed guidance alongside Robinhood’s quarterly NII figures is critical for forecasting.

3. Gold Subscriber Growth: The Durable Revenue Engine Robinhood Gold at 2.5M subscribers represents only ~10% of Robinhood’s 24.3M funded accounts. If Gold penetration reached 20–25% (5–6M subscribers at $50/year), subscription revenue alone would exceed $250–300M annually — providing a meaningful recurring floor underneath the cyclical PFOF and interest streams. The IRA match and elevated cash yield are the most compelling conversion tools. Gold subscriber growth trajectory is the most important non-macro metric to watch.

4. Bitstamp Integration and International Expansion The $200M Bitstamp acquisition gives Robinhood a licensed crypto exchange in Europe — a market where Robinhood’s U.S. PFOF model cannot legally operate. Bitstamp’s spread-based exchange model provides a template for international revenue that is not PFOF-dependent. Successful Bitstamp integration would: (1) reduce Robinhood’s PFOF concentration risk, (2) open European crypto users to the Robinhood platform, and (3) accelerate the transition to a global fintech brand. Integration costs and timeline are the key near-term risks.

5. Crypto Revenue Cyclicality Cryptocurrency transaction revenue approximately tripled in 2024 to ~$360M as Bitcoin surpassed $100,000. This revenue is highly cyclical — it effectively disappears in crypto bear markets. The 2022 experience (crypto revenue -60% YoY) demonstrated how dependent Robinhood’s total revenue is on crypto sentiment. Monitoring Bitcoin price trends alongside Robinhood’s quarterly crypto revenue is essential for near-term forecasting. The Bitstamp acquisition deepens rather than diversifies Robinhood’s crypto exposure.

6. ARPU Expansion: The Path to $200+ Robinhood’s ARPU of $121 is well below the $300–400 range achieved by traditional full-service brokerages like Charles Schwab and Morgan Stanley. The gap reflects Robinhood’s younger, less affluent customer base and narrower product set. The IRA product, Gold subscriptions, margin lending, and eventual credit card expansion (through the X1 acquisition) are all mechanisms to grow ARPU toward $200+. If 24.3M accounts can generate $200 ARPU, total revenue would approach $5B without adding a single new customer.

7. Retirement and Long-Term Asset Accumulation Robinhood’s core user demographic (millennials and Gen Z, mobile-first investors) is entering its peak earning and saving years. The IRA product with contribution matching is designed to capture retirement assets — which are fundamentally stickier than brokerage assets (early withdrawal penalties, tax consequences). If Robinhood can convert trading accounts into long-term retirement relationships, it transforms the business model from a cyclical trading platform to a compound-growing asset manager. Retirement AUC as a share of total AUC will be a long-term indicator of this transition.

8. Competition from Zero-Commission Incumbents Charles Schwab, Fidelity, and other traditional brokerages responded to Robinhood by eliminating commissions in 2019 — effectively removing Robinhood’s original primary differentiator. The incumbents have now been offering zero-commission trading for 5+ years and have far more sophisticated product suites, larger AUC bases, and more established retirement relationships. Robinhood competes primarily on mobile UX, crypto breadth, and the Gold yield advantage. As Schwab and Fidelity improve their mobile experiences and crypto offerings, sustaining Robinhood’s user acquisition advantage becomes more challenging.

Robinhood (HOOD) Financial Summary

Robinhood (HOOD) is a Fintech company that generated $2.95 billion in total revenue in FY2024 — up +51.3% year-over-year, the strongest growth since the 2021 meme-stock era. Revenue is split between transaction-based revenue (48%, primarily payment for order flow), net interest revenue (38%), and Gold subscriptions and other income (15%).

Operating margin reached 18.3% — Robinhood’s first year of sustained GAAP operating profitability after years of losses. GAAP net income of $1.41B includes ~$893M in deferred tax asset recognition; free cash flow of ~$0.5B is the cleaner recurring profitability metric. Operating leverage is evident: revenue grew +51% while operating expenses grew only +11%.

ARPU of $121 (up from $80), assets under custody of $193B, and 2.5M+ Gold subscribers point to a maturing platform with significant ARPU expansion potential. Key risks: PFOF regulatory change (48% of revenue), interest rate cuts (38% of revenue), and crypto cyclicality (~12% of revenue).

For direct competitor comparisons, see Robinhood vs. Charles Schwab and Coinbase vs. Robinhood. For related companies, see Coinbase, SoFi, Block, Charles Schwab, and PayPal.

Frequently Asked Questions

How does Robinhood make money? Through three streams: transaction-based revenue ($1.41B, 48%) from payment for order flow on options/equities and spreads on crypto; net interest revenue ($1.11B, 38%) from customer cash balances, margin lending, and securities lending; and other revenue ($0.43B, 15%) including Robinhood Gold subscription fees.

What is payment for order flow? Market makers pay Robinhood for the right to execute customer trade orders. Robinhood routes your order to a market maker (like Citadel Securities) rather than an exchange; the market maker pays Robinhood a per-share or per-contract rebate and keeps the bid-ask spread. This is how Robinhood funds “commission-free” trading.

Is Robinhood profitable? Yes — operating income was $540M (18.3% operating margin) in FY2024. GAAP net income was $1.41B, but approximately $893M of that was a one-time deferred tax asset recognition. The underlying recurring earnings power is approximately $0.5B.

What is Robinhood Gold? A $5/month (or $50/year) premium subscription offering higher cash yields (4%+ APY), a 3% IRA match, Morningstar research, Level II market data, and larger instant deposits. Robinhood had 2.5M+ Gold subscribers as of FY2024.

Who are Robinhood’s competitors? Charles Schwab and Fidelity in retail brokerage; Coinbase in crypto; SoFi and Block (Cash App) in fintech investing; and traditional brokerages like JPMorgan (You Invest) and Morgan Stanley (E*TRADE).

What happened with Robinhood and GameStop in 2021? During the January 2021 meme-stock short squeeze, Robinhood restricted buying (but not selling) of GameStop and AMC, citing clearinghouse margin requirements. The restrictions sparked outrage, congressional hearings, and class action lawsuits. Robinhood paid a $70M FINRA fine partly related to this event.

Is PFOF legal? In the United States, yes. The SEC has studied PFOF rule changes but not enacted significant restrictions. PFOF is banned in the UK and EU — which is why Robinhood’s Bitstamp acquisition uses a spread-based exchange model internationally rather than PFOF.

What is Robinhood’s ARPU? $121 in FY2024, up from $80 in FY2023 (+51%). ARPU (average revenue per funded account) reflects trading activity, Gold subscription penetration, and interest income per account. Traditional brokerages achieve $300–400+ ARPU, suggesting Robinhood has significant expansion potential.

What are Robinhood’s assets under custody? $193 billion as of year-end FY2024 — nearly double the prior year, driven by the S&P 500 rally, Bitcoin surpassing $100,000, and net new deposits from Gold’s high-yield cash offering.

What is Robinhood’s crypto strategy? Robinhood offers crypto trading through its app (earning a spread on each trade) and acquired Bitstamp in 2024 for $200M — a licensed European crypto exchange — to enable international expansion in markets where PFOF is prohibited. Crypto transaction revenue was ~$360M in FY2024, approximately triple the prior year.