Crypto Boom: Robinhood, Coinbase Ride Wave to Record Revenue

Cryptocurrency exchanges Robinhood and Coinbase have capitalized on the recent surge in digital asset prices, with both companies reporting strong financial results. Meanwhile, the crypto industry is making a concerted effort to influence policy in Washington D.C.

Robinhood, the commission-free trading platform, has seen a significant increase in revenue from cryptocurrency trading. In the fourth quarter of 2024, digital assets were the top revenue driver for the company, up 700% year-over-year to $358 million, accounting for 35% of net revenue. For the full year, Robinhood brought in $2.95 billion in revenue, with net income soaring tenfold to $916 million. The company's customers collectively hold 35 billion DOGE, or about 24% of the token's entire supply, which was worth $8.8 billion at current prices.

Coinbase, another popular cryptocurrency exchange, also reported strong financial results. The company's net revenue nearly doubled to $2.2 billion in the fourth quarter, surpassing analyst expectations of $1.8 billion. Net income rocketed 1,600% from the previous quarter to $1.3 billion, as trading volume surged 176% to $94 billion. Coinbase's stock has rebounded from its post-FTX lows, and the company is inching back toward its 2021 glory days, when revenue was over $7 billion and shares briefly topped $357.

The crypto industry is pushing for influence in Washington D.C., with power players lobbying for a seat at the table in the President's Working Group on Digital Asset Markets and the SEC's newly formed Crypto Task Force. While some had hoped for a formal role on the Presidential Council of Advisers for Digital Assets, sources indicate a different approach favoring issue-specific roundtables over direct industry appointments.