Daily Crypto News

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.

Most Read from Bloomberg

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.

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.

Read More: Robinhood’s Results Are Latest to Fall Victim to Crypto Winter

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.