Trading platform Robinhood has reported that 40% of its cryptocurrency transaction-based revenue was attributable to transactions in the meme cryptocurrency dogecoin in the third quarter. By comparison, dogecoin accounted for 62% of the company’s transaction-based revenue in the second quarter.
Dogecoin Trading on Robinhood
Robinhood Markets Inc. stated in its quarterly filing with the U.S. Securities and Exchange Commission (SEC) Friday:
For the three months ended September 30, 2021, 40% of our cryptocurrency transaction-based revenue was attributable to transactions in dogecoin.
This was a significant decrease from 62% for the three months ended June 30, and 34% for the three months ended March 31.
Robinhood’s third-quarter transaction-based revenue totaled $267 million, with only $51 million coming from cryptocurrency trading. Revenue from crypto trading totaled $233 million in the second quarter.
The company’s Q3 filing further notes: “For the quarters ended September 30, 2
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