Crypto

Surging cryptocurrency trading helps Robinhood beat earnings – SiliconANGLE

Published

4 months ago

August 8, 2024

Surging cryptocurrency trading helps Robinhood beat earnings – SiliconANGLE

Shares in Robinhood Markets Inc. were up over 3% in late trading today after the financial services company surprised with a second-quarter earnings beat thanks to surging levels of customer trading, particularly in cryptocurrency.

For the quarter ended June 30, Robinhood reported adjusted earnings per share of 21 cents, up from three cents per share in the same quarter of 2023, on revenue of $682 million, up a healthy 40% year-over-year. Analysts had expected earnings per share of 15 cents on revenue of $682 million.

The story of Robinhood’s quarter came down to more people using its trading platform. Transaction-based revenues jumped 69% year-over-year, to $327 million. Options revenue up 43%, to $182 million, cryptocurrencies revenue rocketed 161%, to $81 million, and equities revenue rose 60%, to $40 million. Net interest revenue rose 22%, to $285 million, and other revenue, which includes gold subscription services, rose 19% ,to $70 million.

As of the end of the quarter, the company had 24.2 million funded customers, up 1 million year-over-year and investment accounts rose by 1.4 million, to 24.8 million. Assets under custody were up 57% year-over-year, to $139.7 billion, representing both an increase in net deposits and higher equity and cryptocurrency valuations.

Robinhood successfully managed to mostly contain any increasing costs concurrent with surging use, with total operating expenses up a fairly modest 6% year-over-year, to $493 million.

Notable business highlights in the quarter include Robinhood announcing on June 6 that it had agreed to acquire cryptocurrency exchange Bitstamp Ltd. in a $200 million cash deal. Bitstamp holds more than 50 active licenses across the world. The deal would give Robinhood the ability to expand its cryptocurrency trading service into more countries.

“I’m encouraged by the progress we’re making as a business,” Robinhood Chief Financial Officer Jason Warnick said in the company’s earnings release. “In Q2, we set new quarterly records for revenues and earnings per share as we continue to focus on delivering another year of profitable growth.”

Providing a standard forecast when a sizable portion of your business involves cryptocurrency is a hard ask, and Robinhood didn’t. But the company did say that a previous forecast for operating expenses and stock-based compensation for the full-year 2024 remains unchanged at $1.85 billion to $1.95 billion.

Image: Robinhood

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Related Topics:Duncan Riley SiliconANGLE Surging cryptocurrency trading helps Robinhood beat earnings

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Crypto

Bitcoin hits record high above $105k amid whale trades, MicroStrategy cheer By Investing.com

Published

6 hours ago

December 15, 2024

Press Room

Bitcoin hits record high above 5k amid whale trades, MicroStrategy cheer By Investing.com

Investing.com– Bitcoin surged to a record high on Sunday evening amid signs of increased whale trading, while crypto markets also cheered MicroStrategy’s addition to the Nasdaq 100.

The jumped 3.9% to a record high of $105,120.9 by 18:27 ET (23:27 GMT).

On-chain data showed a flurry of major trades by large Bitcoin holders over the weekend. These holders, referred to as whales, were seen moving hundreds of millions of Bitcoin off exchanges and onto private wallets.

X account Whale Alert, which tracks major crypto transactions, showed at least 27,000 Bitcoins, worth a total of $2.8 billion, had been moved off major crypto exchanges such as Bybit and Binance over the weekend.

Such a move points to limited supply of Bitcoin on public exchanges, entailing a higher price for the crypto.

Bitcoin was also buoyed by optimism over MicroStrategy Incorporated (NASDAQ:)- the world’s biggest corporate holder of the crypto- being added to the . MicroStrategy- which is largely regarded as a proxy trade for Bitcoin- surged over 400% so far in 2024, with its valuation spike making it eligible for addition to the index.

The stock will be added to the index effective December 23, and could see further gains as exchange-traded funds move to add exposure to the stock.

Crypto

Donald Trump Knows More About Cryptocurrency Than Anybody – WhoWhatWhy

Published

14 hours ago

December 15, 2024

Press Room

Donald Trump Knows More About Cryptocurrency Than Anybody – WhoWhatWhy

The president-elect was courted by crypto investors to become the father of the American Bitcoin Reserve, which is designed to take prices for Bitcoin to the next level.

Listen To This Story

President-elect Donald Trump has become a cryptocurrency enthusiast, egged on by crypto investors who are seeking to insure their investments in this dodgy asset keep gaining in value. Trump has promoted the idea of a US Federal Bitcoin Reserve. According to a Hill report, “Speaking at the Nashville Bitcoin 2024 Conference, Sen. Cynthia Lummis (R-WY.) floated a ‘revolutionary proposal’ to make the federal government a Bitcoin investor. It is hard to imagine how this might benefit US taxpayers or support the dollar’s value, but it certainly would raise the dollar price of Bitcoin.” Lummis describes “a strategic Bitcoin reserve” of 1 million Bitcoins that the government “would be required to hold … for 20 years.” At the current value of near $100,000 per Bitcoin, the reserve would be a Bitcoin buyer/holder to the tune of roughly $100 billion, a substantial market share with obvious market impact for crypto investors.

Here is a summary of Trump’s relationship with crypto-currencies.

While you’re here enjoying DonkeyHotey’s latest cartoon, please take a moment to read these articles on related topics:

The cartoon above was created by DonkeyHotey for WhoWhatWhy from these images: Donald Trump caricature (DonkeyHotey / Flickr – CC BY 2.0 DEED), body (Airborne1901 / Wikimedia – CC0 1.0 DEED), truck (Sergio Calleja / Wikimedia – CC BY-SA 2.0 DEED), warehouse (US Army / Wikimedia – PD), and bitcoin (Johannes Blümel / Pixabay).

DonkeyHotey creates art to illustrate news articles and opinion pieces. His current work is a combination of caricature, photo collage, and photo manipulation.

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Crypto

Cryptocurrency Craze: How Yay Casino Is Transforming Social Gaming Across US

Published

21 hours ago

December 15, 2024

Press Room

Cryptocurrency Craze: How Yay Casino Is Transforming Social Gaming Across US

While many social gaming platforms exist in the US, only a few, like Yay Casino, stand out. This social casino incorporates cryptocurrency into its platform, enabling players to enjoy speedy, secure, and transparent transactions. This ease of transaction, alongside other notable features, has provided players with an exceptional gaming experience that they cannot get anywhere.

If you’re new to Yay Casino or a seasoned player who wants to hear about this platform, this post is for you. After reading through, you’ll discover how Yay Casino transforms social gaming across the US.

What is social casino gaming?

Social casino gaming is an online experience where you can enjoy conventional casino games like poker, slots, roulette, and more. Generally, social casino gaming is for entertainment, where players can play casino-style games for free. Social casinos operate on a free-to-play model where players use virtual currencies without any financial commitment.

Like other types of casino games, players can enjoy social casino games on their preferred devices. This accessibility makes them convenient for players to enjoy at any time and anywhere. People in the US enjoy social casino gaming because of its low chance, daily rewards, entertainment value, and social features.

How is Yay Casino transforming social gaming in the US

Below are some features of this crypto social casino in the US that are responsible for transforming the social gaming space.

1. Easy cryptocurrency integration

Yay Casino has a user-intuitive and easily navigable platform, enabling players to explore the digital currency space without any hassle. Players who want to purchase extra packages to play games can make deposits or withdrawals instantly. This ease has eliminated the delays of traditional payment systems. All crypto transactions on this platform are processed almost instantly.

2. Improved security and privacy

This casino leverages blockchain technology to provide exceptional privacy and security, which is higher than what many traditional online casinos offer. Players don’t need to share their sensitive banking or personal information. Also, all transactions are encrypted and anonymous, making it impossible for third parties to access your data.

3. Faster deposits and withdrawals

Yay Casino helps players save time by offering lightning-speed transactions via cryptocurrency. Unlike traditional banking methods that take some days to process withdrawals, crypto withdrawals are processed within minutes. This platform’s instant deposits ensure you don’t miss out on time-sensitive promotions or tournaments.

4. Accessibility across the US

Players from anywhere in the US can access Yay Casino’s offerings without restrictions, thanks to cryptocurrencies offering borderless transactions. Crypto works in any region in the US, enabling players to stay above the limitations set by traditional payment systems. Players can enjoy Yay Casino without bothering about compliance problems.

5. Leading the social gaming innovation

Yay Casino is at the forefront of social gaming. It doesn’t just embrace cryptocurrency—it incorporates it into all aspects of the gaming experience. The platform focuses on innovation and community, making it more than just a gaming platform.

Overall, Yay Casino is transforming social gaming in the US with the seamless integration of cryptocurrency into its platform. The platform offers improved security, speedy transactions, and innovative features that keep players coming back for more. Join Yay Casino today and get the chance to be part of the cryptocurrency craze!