Robinhood Predicts Market Revenue Could Exceed Cryptocurrency Revenue in Q2

BlockBeats News, June 29th — Robinhood, the popular trading app, predicts rapid growth in its market prediction platform business. Robinhood's Chief Brokerage Officer, Steven Quirk, stated that the company's annual revenue run rate has reached $500 million. During the second quarter ending on June 25th, Robinhood saw a trading volume of approximately 12.3 billion contracts. Calculated at a standard fee rate of 1 cent per contract, the market prediction platform is expected to generate a revenue of at least $1.23 million for the quarter. The recently launched Rothera prediction market platform achieved over 9 billion trades in its first week, contributing to nearly a 60% increase in Robinhood's overall contract trading volume.

Meanwhile, due to soft institutional trading volume, cryptocurrency trading volume has declined, leading to an estimated cryptocurrency revenue of less than $134 million in the second quarter. It is projected that the market prediction platform's revenue will surpass cryptocurrency as the faster-growing revenue source in this quarter.