The crypto-friendly platform Robinhood disclosed its first-quarter 2021 results. Revenue came in at $331 million, according to the report filed with the U.S. Securities and Exchange Commission.
Robinhood’s business model involves charging market makers, including Citadel Securities and Virtu, fees. According to the document, $133 million of the $331 million came from stock trading, $198 million from options trading.
For the same period in 2020, Robinhood earned $91 million, and in the fourth quarter, $221 million.
Earlier, the company said that the number of mobile app users in the first quarter of 2021 rose from 1.7 million to 9.5 million.
In late January, Robinhood and Citadel, as well as hedge fund Melvin Capital found themselves at the center of a scandal surrounding GameStop shares. The platform halted trading in several assets amid a stock pump, drawing the ire of investors and regulators.
On February 18, co-founder and chief executive Vlad Tenev denied collusion with hedge funds at hearings before the U.S. Congress. He said the company relied on heightened collateral requirements.
In late March, Robinhood filed to pursue an initial public offering.
RHS SEC Rule 606 and 607 Disclosure Q1 2021 by ForkLog on Scribd