๐๐Robinhood, the millennial-loved trading platform, is riding high on a Bitcoin wave! ๐ The firm's Q1 earnings report, released on May 8, revealed record revenues of $618 million, a 40% YoY increase. But the real star of the show? Cryptocurrencies! ๐ฐ๐
Crypto revenue skyrocketed 232% to $126 million, with transaction-based revenues jumping 59% to $329 million, primarily driven by cryptocurrencies. ๐๐ช
But it's not all sunshine and rainbows. ๐ The US Securities and Exchange Commission (SEC) has set its sights on Robinhood, issuing a Wells notice warning of potential enforcement action regarding its crypto business. ๐ฑ
Robinhood's leadership expressed disappointment at the SEC's move, with CFO Jason Warnick stating, "We've run our crypto business very carefully. We've been very selective about the coins we offer." ๐ค๐
Despite the regulatory cloud, Robinhood's stock (HOOD) gained 5.2% in after-hours trading to reach $18.60, and is up 50% this year. ๐๐
Stay tuned, BTC enthusiasts! The crypto rollercoaster ride continues! ๐ข๐ฅ