{"id":374592,"date":"2023-02-10T02:06:29","date_gmt":"2023-02-10T07:06:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=374592"},"modified":"2023-02-10T02:19:04","modified_gmt":"2023-02-10T07:19:04","slug":"robinhood-crypto-trading-revenue-takes-a-big-dip","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/robinhood-crypto-trading-revenue-takes-a-big-dip","title":{"rendered":"Robinhood Crypto Trading Revenue Takes A Big Dip"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Crypto trading platform <a href=\"https:\/\/insidebitcoins.com\/news\/robinhood-is-looking-for-a-sanctions-investigator-to-expand-compliance-team\">Robinhood<\/a> has recorded a big dip in its revenues in the last quarter of 2022. The crypto firm recorded a trading revenue of $39 million in Q4\/2022, a 24% drop from Q3&rsquo;s $51 million, according to a <a href=\"https:\/\/s28.q4cdn.com\/948876185\/files\/doc_financials\/2022\/q4\/Q4-2022-Robinhood-Exhibit-99.1-vDISTRIBUTION.pdf\" target=\"_blank\" rel=\"noopener\">recent report<\/a>.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We just announced our financial results for the fourth quarter. Find information on our performance at <a href=\"https:\/\/t.co\/3l82Sx3F7d\">https:\/\/t.co\/3l82Sx3F7d<\/a><\/p>\n<p>&mdash; Robinhood Comms (@RobinhoodComms) <a href=\"https:\/\/twitter.com\/RobinhoodComms\/status\/1623460157270417409?ref_src=twsrc%5Etfw\">February 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Following the September 2022 testing version of Robinhood&rsquo;s Polygon-based Web3 wallet, the Robinhood crypto wallet was made accessible to over one million consumers who had been put on the waitlist. Data from FactSet shows that while analysts speculated that Robinhood would lose 15 cents for every share in Q4, the firm lost 19 cents for every share after they had adjusted for non-recurring costs on $380 million revenue.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Robinhood&rsquo;s Wednesday after-hours trading saw the firm&rsquo;s stock surge in value by almost 3% to $10.80. So far, the stock price is now up approximately 30% but remains 20% down year-to-date.<\/span><\/p>\n<h2><b>Robinhood To Buy Back Shares From Bankman-Fried<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The company has also revealed its board&rsquo;s move to approve the purchase of all or most of the 55 million shares bought by holding firm<\/span> <span style=\"font-weight: 400\">Emergent Fidelity Technologies for former FTX CEO Sam Bankman-Fried in May last year. It also canceled around $500 million of its share-based compensation.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: Robinhood has agreed to repurchase Sam Bankman-Fried's $579M stake.<\/p>\n<p>Robinhood is working with the DOJ on the plan, but can't guarantee when or if it will happen.<\/p>\n<p>&mdash; Quiver Quantitative (@QuiverQuant) <a href=\"https:\/\/twitter.com\/QuiverQuant\/status\/1623452618105167873?ref_src=twsrc%5Etfw\">February 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">According to Robinhood, the company&rsquo;s board has approved a strategy to repurchase all or most of the 55 million shares a holding company bought for former FTX CEO Sam Bankman-Fried in May 2022. Reportedly, the shares amount to over 7% stake.<\/span><\/p>\n<p><span style=\"font-weight: 400\">To this end, the firm was liaising with the Department of Justice but said, &ldquo;There is no guarantee when or if the plan will happen.&rdquo; Notably, the 55 million shares are at the center of a tussle between Bankman-Fried and a group of international and domestic organizations, among them crypto lender BlockFi.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In a January <a href=\"https:\/\/insidebitcoins.com\/news\/doj-seizes-banking-assets-and-robinhood-shares-connected-to-ftx-details-of-meetings-and-biden-officials-revealed\">filing<\/a> by the U.S. Department of Justice (DOJ), it was revealed that Bankman-Fried held 55,273,469 HOOD shares. Notably, the DOJ seized his stake in Robinhood. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried<a href=\"https:\/\/t.co\/jVQQXw5GbO\">https:\/\/t.co\/jVQQXw5GbO<\/a><a href=\"https:\/\/twitter.com\/hashtag\/thegloryhodl?src=hash&amp;ref_src=twsrc%5Etfw\">#thegloryhodl<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/alphazero?src=hash&amp;ref_src=twsrc%5Etfw\">#alphazero<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/flightsquare?src=hash&amp;ref_src=twsrc%5Etfw\">#flightsquare<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/gloryhodlarchive?src=hash&amp;ref_src=twsrc%5Etfw\">#gloryhodlarchive<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/llamalibrary?src=hash&amp;ref_src=twsrc%5Etfw\">#llamalibrary<\/a><\/p>\n<p>&mdash; TheGloryHodl (@TheGloryHodl) <a href=\"https:\/\/twitter.com\/TheGloryHodl\/status\/1623327282545713153?ref_src=twsrc%5Etfw\">February 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">The former FTX executive initially bought the stake chunk representing up to 7.6% of Robinhood&rsquo;s capitalization in May last year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The share purchase had an initial value of $649 million when Emergent Fidelity Technologies was making the purchase on behalf of Bankman-Fried. However, as of Wednesday, February 8, the stake had a value of more than $578 million.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bankman-Fried controlled Emergent Fidelity in the sole director and majority owner capacities alongside his co-founder at FTX, Gary Wang. Based on court filings, the two executives took loans directly from Alameda Research to facilitate the share purchase.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In a statement, Robinhood CEO Vlad Tenev said, &ldquo;we think this repurchase will be accretive over time and remove a distraction for shareholders,&rdquo; adding that the company&rsquo;s balance sheet is strong with more than $6 billion cash. Robinhood noted:<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400\">The proposed share purchase underscores the confidence the Board of Directors and management team have in our business.<\/span><\/i><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Commenting on the matter, Robinhood Chief Financial officer Jason Warnick said:<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400\">The board has authorized us to go and repurchase those, and so we&rsquo;re in discussions with the DOJ on that. Hard to tell exactly what the timeline is going to be.<\/span><\/i><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Nevertheless, Robinhood committed to providing &ldquo;updates as appropriate&rdquo; concerning the share purchase in its earnings report.<\/span><\/p>\n<h2><b>System Glitch Costs Robinhood $57 Million In A Day In Q4<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Still on Robinhood&rsquo;s fourth quarter earnings report, a<\/span><a href=\"https:\/\/www.marketwatch.com\/story\/robinhood-accidentally-sold-short-on-a-meme-stock-and-lost-57-million-11675908279\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400\">recent glitch<\/span><\/a><span style=\"font-weight: 400\"> in the company&rsquo;s system let app users place bets that cost the company $57 million one day during Q4.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A \"glitch\" in the system that allowed users to short a stock caused <a href=\"https:\/\/twitter.com\/hashtag\/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw\">#Robinhood<\/a> to lose $57 million in a day.<\/p>\n<p>&#128073;Follow us for more about <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\">#ETH<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/cryptomarket?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptomarket<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/web3?src=hash&amp;ref_src=twsrc%5Etfw\">#web3<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/NFT?src=hash&amp;ref_src=twsrc%5Etfw\">#NFT<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&amp;ref_src=twsrc%5Etfw\">#blockchain<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/fintech?src=hash&amp;ref_src=twsrc%5Etfw\">#fintech<\/a> <a href=\"https:\/\/t.co\/QGSagNR8YO\">pic.twitter.com\/QGSagNR8YO<\/a><\/p>\n<p>&mdash; N4BT (@News4BlockTech) <a href=\"https:\/\/twitter.com\/News4BlockTech\/status\/1623821249058152454?ref_src=twsrc%5Etfw\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Citing CFO Jason Warnick during Robinhood&rsquo;s earnings call on Wednesday:<\/span><\/p>\n<blockquote><p><em><span style=\"font-weight: 400\">A processing error caused us to sell shares short into the market, and although it was detected quickly, it resulted in a loss of $57 million as we bought back these shares against a rising stock price.<\/span><\/em><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The glitch allowed customers to improperly short a meme stock in December, ultimately costing the company a tremendous amount of money.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is worth mentioning that this is not the first time Robinhood systems suffer a system glitch, after a 2019 incident that allowed users to trade stocks with excess borrowed funds.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A glitch in the Robinhood system is allowing users to trade stocks with excess borrowed funds, giving them access to what amounts to free money <a href=\"https:\/\/t.co\/1GAccIu5ue\">https:\/\/t.co\/1GAccIu5ue<\/a><\/p>\n<p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1191767557126197248?ref_src=twsrc%5Etfw\">November 5, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">As part of the latest incident, healthcare company Cosmos Health listed on Nasdaq initiated a<\/span><a href=\"https:\/\/www.wsj.com\/articles\/cosmos-holdings-inc-changes-its-name-to-cosmos-health-inc-and-announces-a-1-for-25-reverse-stock-split-01671195033\"> <span style=\"font-weight: 400\">one-for-25<\/span><\/a><span style=\"font-weight: 400\"> reverse stock split on December 16. Along with this, the company also changed its title from Cosmos Holdings, meaning that 25 shares in the firm would be converted into a single share.<\/span><\/p>\n<h3><b>Read More:<\/b><\/h3>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/is-the-bull-run-for-ai-crypto-coins-over-or-only-just-beginning\"><b>Is The Bull Run for AI Crypto Coins Over or Only Just Beginning &ndash; 2023 Trader Predictions<\/b><\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/the-impact-of-the-coinbase-insider-trading-case-on-crypto\"><b>The Impact of the Coinbase Insider Trading Case on Cryp<\/b><\/a><b>&nbsp; <\/b><a href=\"https:\/\/insidebitcoins.com\/news\/these-crypto-coins-are-expected-to-pump-55x-by-2024\"><b>&nbsp;<\/b><b>These Crypto Coins are Expected to Pump 55x by 2024<\/b><\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-for-today-february-9-btc-usd-plummets-below-22000-price-faces-the-south\"><b>Bitcoin Price Prediction for Today, February 9: BTC\/USD Plummets Below $22,000, Price Faces the South<\/b><\/a><span style=\"font-weight: 400\">&nbsp;<\/span><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Newest Meme Coin ICO - 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The crypto firm recorded a trading revenue <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1850,"featured_media":374602,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[7813,13738,13737],"class_list":["post-374592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-robinhood","tag-robinhood-revenues","tag-robinhood-shares"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Robinhood Crypto Trading Revenue Takes A Big Dip - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Robinhood has recorded a trading revenue of $39 million in Q4\/2022, a 24% drop from Q3\u2019s $51 million, according to a recent report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/374592\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Robinhood Crypto Trading Revenue Takes A Big Dip\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/lubale.kanguha\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-10T07:06:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T07:19:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-10-at-10.05.08.png\" \/>\n\t<meta property=\"og:image:width\" content=\"958\" \/>\n\t<meta property=\"og:image:height\" content=\"442\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Nancy Lubale\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/NancyOmanga\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nancy Lubale\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/374592#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/374592\"},\"author\":{\"name\":\"Nancy Lubale\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/ac91923c5d8b5a7285772dc8224ccb9c\"},\"headline\":\"Robinhood Crypto Trading Revenue Takes A Big Dip\",\"datePublished\":\"2023-02-10T07:06:29+00:00\",\"dateModified\":\"2023-02-10T07:19:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/374592\"},\"wordCount\":784,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/374592#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-10-at-10.05.08.png\",\"keywords\":[\"Robinhood\",\"Robinhood revenues\",\"robinhood shares\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/374592#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/374592\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/374592\",\"name\":\"Robinhood Crypto Trading Revenue Takes A Big Dip - 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Nancy\u2019s latest work has been published on various websites including Vauld Insights and Coingape. Her personal interests lie in crypto asset research and technical analysis, DeFi, NFTs and on-chain data analysis. Nancy also posts many market insights and crypto price predictions on her Twitter profile @NancyOmanga. Nancy\u2019s current coverage has included market insights, analysis of the best performing asset classes during the 2022 bear market, and the latest regulatory news in the cryptocurrency industry. Nancy graduated with an MSc in Environmental Engineering and Sustainability from the University of Surrey, and was a member of the Surrey Green Society. 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