Robinhood reported a quarterly surge of around 500% in revenue from cryptocurrency trading on Wednesday as online securities and trading apps announced record quarters of profit and revenue.
Crypto revenues rose to a record $358 million in the fourth quarter, with overall revenues rising 37% to $1.010 million over the last quarter. According to data from The Wall Street Journal, earnings per share was $1.01, and the trading app posted a net profit of $916 million, breaking the 42-cent analyst forecast.
Every year, Robinhood’s revenues have more than doubled. In trading outside of business hours, stocks rose almost 7% to nearly $60. That inventory has grown by more than 360% since the beginning of 2024.
“We attacked the gas in product development in 2024,” Robinhood CEO Vlad Tenev said in a statement.
Robinhood’s fourth quarter record-breaking returns flocked to Robinhood in 2024 amidst the crypto bull market.
The company’s crypto fees hit nearly three years’ lows in the third quarter of 2023, accounting for $23 million before rising to $126 million in early 2024.
Crypto’s company’s current record quarter overturned the previous high water mark in 2021. This posted $233 million amid the previous bull market marked by Robinhood by a surge in Dogecoin trading on the platform.
Digital assets have been Robinhood’s main business line for over five years.
In 2018, the company began buying and selling Bitcoin and Ether, the world’s largest cryptocurrencies, by market capitalization.
The company ultimately expanded the number of digital assets it offers to its users, listing Solana, Polygon and Cardano, among other tokens. They also announced crypto wallets and created their own crypto payment rails. This allows other crypto app customers to purchase digital assets through Robinhood.
The company’s crypto ambition landed it at the intersection of the Securities and Exchange Commission. In February 2023, regulators issued a subpoena to Robinhood regarding its crypto business. A year later, in May 2024, the agency’s lawyer informed the online brokerage that the SEC was encouraging them to pursue a lawsuit against the company.
However, after Donald Trump’s election, regulators signaled a cooperative change in crypto policy as they announced a new crypto task force in January to break down industry rules.
Tenebo, CEO of Robin Hood, is consistent in his belief that Crypto is part of the future of finance. He told Fortune in July that he believes tokenization is the “next transition” of financial services when financial assets are placed on the blockchain.
This story was originally featured on Fortune.com.