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Robinhood’s Results Are Latest to Fall Victim to Crypto Winter


(Bloomberg) — The steep market downturn for digital assets continues to weigh on a score of companies with exposure to crypto.

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Robinhood Markets Inc. reported Wednesday that its crypto transaction revenue fell to $51 million during the third quarter, a 12% decline compared to the previous quarter and below analysts’ estimates of $56.1 million. The trading platform, which went public in July 2021, said it had an overall net loss of $175 million, or about 20 cents a share.

Other companies have also suffered amid a sharp drop in crypto prices, as the industry continues to be battered by the collapse of major blockchain platforms, scams and layoffs. MicroStrategy Inc., the world’s largest publicly traded corporate owner of Bitcoin, posted a third-quarter loss on Tuesday and said it had a $727,000 impairment charge on its Bitcoin holdings.

Robinhood previously benefited from last year’s meme stock craze as well as rising interest in cryptocurrencies, as retail investors used the platform to purchase faddish tokens like Dogecoin. After seeing strong demand from customers for a crypto wallet, the company released a beta version of the product in September and added new digital coins for users to buy.

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