Robinhood's Q2 cryptocurrency business revenue reached $160 million, slightly below expectations

ChainCatcher news, according to Bloomberg, Robinhood Markets Inc. reported second-quarter revenue that exceeded Wall Street expectations, driven by strong growth in its cryptocurrency trading business.

The company stated in a release on Wednesday that total net revenue for the quarter grew 45% year-over-year, reaching $989 million, surpassing the average analyst expectation of $921.5 million from a Bloomberg survey. Net profit also exceeded expectations, more than doubling to $386 million.

Cryptocurrency-related revenue grew by 98%, reaching $160 million, slightly below the target of achieving triple-digit growth for the sixth consecutive quarter. Analysts had previously expected cryptocurrency revenue to be $162.1 million.

In June of this year, Robinhood quickly drew regulatory attention in Europe after offering "tokenized" stocks—company shares in the form of cryptocurrency—to 150,000 customers across 30 countries.

Robinhood CEO Vlad Tenev stated in the release, "Tokenization is the most significant innovation in our industry over the past decade."