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Robinhood IPO shows Dogecoin made up 34% of its crypto revenue in Q1

Robinhood lost around $1.5 billion in Q1 2021, meanwhile 34% of their crypto revenues came from Elon Musk's fave crypto Dogecoin.

@anthony256
Published Thu, Jul 1 2021 8:04 PM CDT

Robinhood reached into its back pocket yesterday and paid a $70 million fine for "for systemic supervisory failures and significant harm suffered by millions of customers" but meanwhile, the company was stacking the walls with the cash it was making with Dogecoin.

Robinhood IPO shows Dogecoin made up 34% of its crypto revenue in Q1 05 | TweakTown.com

Robinhood explained in its IPO filing that Dogecoin accounted for 34% of its cryptocurrency transaction-based revenue in Q1 2021, up from 30% in Q4 2020. Elon Musk celebrated the news with a new tweet, where he said "Release the Doge!" with a meme of the Godfather saying "You come to me at runtime. You tell me the code you are executing does not compile".

The IPO reveals that Robinhood has close to 18 million monthly active users, around $80 billion in assets under its management -- and that it bled out $1.5 billion in Q1 2021. So that $70 million fine yesterday... a drop in the bucket for Robinhood.

The company said that it wants to continue "maintaining strong relationships with our loyal customer base and earning our customers' trust when they choose our platform on their financial journeys".

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NEWS SOURCE:cnbc.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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