Robinhood reported to the U.S. Securities and Exchange Commission (SEC) about a significant rise in trading volume on the platform.
“November conditional cryptocurrency trading volumes were about 75% higher than October 2023 levels,” the Form 8-K filing states.
The document also states that last month net deposits totaled approximately $1.4 billion. Activity on the platform is picking up amid a robust market recovery. On December 4, Bitcoin tested the $42,000 level, updating the year-to-date high.
In May, Robinhood’s trading volume fell by 68%.
In June, the online broker announced a 7% reduction in staff.
In August, the platform’s revenue from cryptocurrency operations fell by 18%.