At Extreme Investor Network, we bring you the latest news and updates in the world of cryptocurrency and blockchain technology. Today, we highlight the recent operating data released by Robinhood Markets, Inc. (NASDAQ: HOOD) for October 2024, showcasing substantial growth in various key metrics.
Robinhood, based in Menlo Park, reported a significant rise in funded customers, assets under custody, and trading volumes across different sectors. The company’s funded customers reached 24.4 million by the end of October, a notable increase from the previous month and a significant jump from the previous year. Assets under custody (AUC) also saw growth, reaching $159.7 billion, reflecting a 5% increase from September and an impressive 89% year-over-year growth.
Trading volumes at Robinhood experienced a surge as well, with equity notional trading volumes increasing to $126.4 billion, options contracts traded reaching 158.0 million, and crypto notional trading volumes rising to $5.6 billion. These numbers showcase the platform’s growing popularity and the increasing interest in various asset classes among users.
In addition to the growth in funded customers and trading volumes, Robinhood also reported margin and cash sweep balances at the end of October. Margin balances stood at $6.2 billion, a 13% increase from September, while total cash sweep balances reached $25.5 billion, up 4% from the prior month. The company’s total securities lending revenue for October was $19 million, indicating a positive trend in additional revenue streams.
It is important to note that the data reported by Robinhood is preliminary and unaudited, subject to change following the completion of financial closing procedures. The final results will be detailed in the company’s quarterly and annual filings with the U.S. Securities and Exchange Commission (SEC).
As Robinhood continues to innovate and expand its services, offering commission-free trading in stocks, options, commodities, and cryptocurrencies, the company remains committed to its mission of democratizing finance for all. Stay tuned for more updates on the latest developments in the world of cryptocurrency and blockchain technology at Extreme Investor Network.