Digital asset trading volume on a crypto-friendly trading platform Robinhood grew 75% month-on-month in November.
In an 8-K filing to the Securities and Exchange Commission (SEC) on Dec. 4, the Robinhood trading platform mentioned that its “November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels.”
At the same time, the platform’s equity and options contract trading volumes remained mostly flat compared to October.
The month of increase illustrated a U-turn regarding the firm’s overall yearly tendency. In Q3 2023, Robinhood revealed a 55% decrease in cryptocurrency notional volumes over the year. In addition, the brand reported a 3 million reduction in its base of monthly active users.
Around the same time, tech giant Alphabet sold 90% of its stake in Robinhood. However, the crypto-friendly trading platform now moves to international markets to boost its user base and profitability. The first destination is the UK, where trading of over 6,000 US stocks and American depositary receipts (ADRs) with a minimum investment of $1 will be available at launch.
Moreover, Robinhood could see a more profitable fourth quarter due to the recent crypto market bull run. On Dec. 4, Bitcoin price exceeded $41,000 for the first time in 19 months, and other altcoins showed significant gains, as the crypto market keeps growing on ETF expectations and bets on dovish Fed.