Robinhood's Crypto Trading Volume Soars 51% in October, as Bitcoin Spot ETFs Attract Interest

The surge in the company's crypto business comes at a time when the industry is attracting interest from both retail and institutional investors

Robinhood Markets Inc (NASDAQ:HOOD) stock surged over 7% during Monday’s trading session, pushing past $34 per share and reaching its highest level in three years. This uptick is partly driven by the recent rally in Bitcoin (CRYPTO:BTC), which approached record highs of nearly $90,000.

The surge in user engagement and deposits also comes amid a broader shift in market dynamics. Here's a quick summary of some key takeaways from Robinhood's latest financial report:

Net Deposits Surged 41% Month-Over-Month: According to the report, net deposits in October reflected a 41% annualized growth rate compared to September's figures. This surge in customer activity aligns with Robinhood's strategy to strengthen its footprint within the global financial market.

Crypto Trading Volume Soared 51% in October: In addition to the strong net deposits, Robinhood's trading metrics also saw marked improvements. Equity trading volumes soared by 48% month-over-month to $126.4 billion, while crypto trading volumes surged 51%, reaching $5.6 billion.

The options trading segment was not left behind, with contracts increasing 16% to 158 million in October.

Deposits Hit $5.2 Billion, Driven by Crypto Interest: The surge in the company's crypto business comes at a time when the industry is attracting interest from both retail and institutional investors thanks to the approval of bitcoin spot ETFs in the United States and Hong Kong.

Robinhood Expands Internationally: To better position itself for growth, Robinhood has also expanded its business to other jurisdictions outside the United States. In October, the company notably expanded its crypto offerings to Europe.

Equity Trading Volume at $50.8B, Surging Year-Over-Year: While Robinhood experienced remarkable growth in October, year-over-year comparisons paint an even more noteworthy picture. According to the company's report, equity trading volumes were up 149% from $50.8 billion in October 2023, while crypto trading surged 143% from $2.3 billion during the same period.