Robinhood Markets reported a 700% surge in cryptocurrency trading revenue in the fourth quarter, helping the retail brokerage post record profitability as digital asset volumes rebounded.

Crypto revenue reached $358 million, up from $45 million a year earlier, accounting for more than one-third of total transaction-based revenue, which rose over 200% to $672 million. 

The trading boom pushed total Q4 revenue up 115% year-over-year to $1.01 billion, while net income soared more than tenfold to $916 million, according to the company’s latest figures.

Robinhood is deepening its presence in crypto, announcing in June a deal to acquire Bitstamp for $200 million, one of the world’s oldest crypto exchanges, in a move to expand its international footprint.

The company also rolled out Ethereum staking in the EU and listed seven new tokens in the U.S. last quarter. That figure is expected to “accelerate” this year, CEO Vladimir Tenev said in the company’s earnings call on Wednesday.

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Author: Sebastian Sinclair

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