Robinhood's revenue from cryptocurrency transactions fell 18% in the second quarter of 2023, to $31 million.
This is the second consecutive quarter that Robinhood's crypto revenue has declined.
– The overall decline in the cryptocurrency market. The price of Bitcoin, the most popular cryptocurrency, fell by more than 50% in the second quarter.
The increasing regulatory scrutiny of the cryptocurrency industry. The Securities and Exchange Commission (SEC) has been cracking down on cryptocurrency exchanges
Despite the decline in crypto revenue, Robinhood still managed to achieve profitability in the second quarter. The company reported net income of $25 million, or $0.03 per share.
The decision by Robinhood to end support for some cryptocurrencies. In June, Robinhood announced that it would no longer support 72 cryptocurrencies
Robinhood's CEO, Vlad Tenev, said that the company is "focused on building a long-term business" and that it is "confident in the long-term growth prospects of the cryptocurrency market."