Robinhood says crypto trading surged 75% in November from previous month
Robinhood said Monday in a filing with the Securities and Exchange Commission that crypto trading on the platform surged last month amid an ongoing rally.
“November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels,” it wrote in an 8-K update, adding that it would release full operating data for the month in the coming weeks.
The news could mark a reversal for the company, which has lately seen revenue from crypto trading decline. In the third quarter, transaction-based revenues from cryptocurrencies decreased 55% to $23 million. It also saw decreases in the second quarter.
The company said last month that it planned to start offering crypto trading in the EU following its UK launch.
Bitcoin’s surge
Bitcoin BTC +5.81% ‘s price has surged 20.6% over the past month amid optimism that a spot bitcoin ETF could soon be approved by the SEC. It’s up 145% over the past year.
The world’s largest cryptocurrency by market capitalization was up 5.4% on Monday, rising to $42,006 at 5:08 p.m. ET.