Robinhood Markets Inc. kicked off formal marketing of its second publicly traded closed-end fund, which will focus on investing in private companies that have participated in startup accelerator Y Combinator’s programs.
Robinhood has announced a record revenue of $1.31 billion for the second quarter, marking a 32% year-over-year increase and surpassing estimates of $1.29 billion. The surge in revenue was largely attributed to a tenfold increase in prediction-market revenues, which reached $156 million, despite a 38% decline in cryptocurrency revenue to $100 million.
Robinhood reported earnings that exceeded expectations, driven by record trading volumes across various segments. The brokerage generated $100 million in revenue from crypto trading, reflecting a 38% decline year-over-year, which was offset by stronger performance in options, equities, and prediction markets activity.
Trading platform Robinhood Markets Inc.’s revenue from prediction market is set to overshadow that from cryptocurrency trading, starting as soon as the second quarter, analysts at Bernstein and Piper Sandler said this week.
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