The Marked Chart Wire · Series of events
Series of events · Robinhood
Robinhood buys Bitcoin and posts record quarterly revenue
The firm expanded its crypto holdings and reported strong earnings despite a drop in crypto revenue.
Updated
The flow in 3 points
- Robinhood bought $25 million in Bitcoin to back its crypto push
- Evercore set a $130 target citing product expansion and deposit growth
- Record transaction income of $867 million offset a 55 percent crypto drop
What happened, in order
Times are Eastern-
Where it began
Bitcoin purchase
Robinhood purchased $25 million in Bitcoin to support digital assets and plans to offer continuous contracts.
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Price target set
Evercore ISI assigned a $130 target to Robinhood shares, pointing to revenue from 13 services and rising deposits.
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Earnings beat
Robinhood posted adjusted EBITDA of $808 million, exceeding the $765.5 million estimate, with net income of $476 million.
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Turning point
Crypto revenue drop
Crypto revenue fell 55 percent year over year but exceeded expectations, while trading volume declined 38 percent.
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Latest
Record revenue
Quarterly transaction income rose 19 percent to a record $867 million, with stock trading volume reaching $992 billion.
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How they connect
The company first bought Bitcoin and received a price target. It then reported quarterly results where overall revenue hit a record despite a decline in crypto income.
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