Despite a 28% year-over-year rise in crypto trading volumes to $46 billion, Robinhood’s platform experienced a dip in activity. This marked a notable decrease from the robust Q4 2024 levels of $70 billion. Notably, Robinhood processed over $141 billion worth of crypto trades throughout 2024, fueled by a late-quarter surge. 2024 saw crypto transaction revenue double year-over-year to reach $252 million, although it still fell short of Q4’s peak of $358 million. Meanwhile, Robinhood witnessed significant growth in equities trading, with volume surging 84% year-over-year to reach a robust $413 billion. This surge translated into higher transaction revenue for the platform, rising 77% from last year to $583 million, fueled by both crypto and equity trades. However, analysts at JPMorgan noted a decline in risk appetite during the late first quarter, citing lower market capitalization across the crypto sector and concerns surrounding U.S. fiscal policy and tariffs as contributors to this trend. Despite these headwinds, Robinhood demonstrated improved financial performance, posting diluted earnings of $0.37 per share, up 10% year-over-year, and $927 million in revenue—meeting market expectations.