Key facts
- Robinhood's crypto trading volume rose 61% month-on-month to $17.5 billion in August.
- August crypto volume was 38% below the year-earlier level.
- Bitstamp accounted for $10.1 billion of Robinhood's August crypto volume.
- The Robinhood app accounted for $7.4 billion of the August crypto volume.
- Robinhood's crypto transaction revenue fell 38% year-on-year to $100 million in the second quarter.
Robinhood's cryptocurrency trading volume saw a significant 61% increase from July to $17.5 billion in August, according to the company's monthly operating report published Thursday. Despite this month-on-month growth, the total volume remained 38% lower compared to August of the previous year. The acquisition of crypto exchange Bitstamp contributed substantially to Robinhood's crypto business. In August, Bitstamp accounted for $10.1 billion of the total volume, while the Robinhood app contributed $7.4 billion. Bitstamp's volume itself rose 53% from July but was down 30% year-on-year, whereas the Robinhood app's volume increased 72% from July but fell 46% from the prior year. In the second quarter, Bitstamp was the larger contributor to Robinhood's crypto volume, making up $22 billion of the $40 billion total, compared to $18 billion from the app. Robinhood's crypto transaction revenue for the second quarter decreased by 38% year-on-year to $100 million. The report also noted that crypto volume from the Robinhood Chain was not included in these figures.