Robinhood’s November 2024 Data Shows Significant Growth in Crypto Trading

Robinhood Markets, Inc. (NASDAQ: HOOD) has released its monthly operating data for November 2024, showcasing impressive growth in several key areas, according to GlobeNewswire. Notably, the company’s crypto trading volumes surged over 500% from the previous month, marking a remarkable 700% increase year-over-year.

Key Metrics and Growth

Robinhood’s November report highlighted a total of 24.8 million funded accounts, reflecting an increase of approximately 420,000 from October and 1.5 million compared to the same month last year. Assets under custody (AUC) also saw a substantial rise, reaching $195 billion, which is a 22% increase from October 2024 and a 106% year-over-year growth.

The company’s net deposits for November stood at $5.6 billion, translating to an annualized growth rate of 42% relative to October’s AUC. Over the past twelve months, net deposits accumulated to $47.4 billion, indicating a 50% annual growth rate compared to November 2023.

Trading Volume Insights

Equity notional trading volumes were reported at $147.1 billion, showing a 16% increase from October and a dramatic 178% rise year-over-year. While options contracts traded decreased by 2% from the previous month, they increased by 63% compared to November 2023. Most notably, crypto notional trading volumes soared to $35.2 billion, highlighting a significant growth trajectory for Robinhood in the digital asset space.

Margin balances reached $6.8 billion at the end of November, reflecting a 10% increase from the previous month and a 100% rise year-over-year. Total cash sweep balances were also up by 4% to $26.5 billion, marking a 74% increase compared to the prior year.

Securities Lending and Revenue

Robinhood’s securities lending revenue in November was $23 million, a 21% increase from October and a 109% rise year-over-year. This growth in revenue complements the overall positive trajectory in Robinhood’s financial performance.

About Robinhood

Robinhood Markets, Inc. is known for revolutionizing the financial services industry by offering commission-free trading. Headquartered in Menlo Park, California, the platform provides users with the ability to trade stocks, options, and cryptocurrencies, alongside investment opportunities for retirement. Robinhood continues to deliver value to its customers through innovative financial products designed for the modern investor.

Image source: Shutterstock