Robinhood cryptocurrency trading volume surges, Ark continues to increase holdings

The online brokerage firm Robinhood has reported a significant surge in cryptocurrency trading on its platform, with cryptocurrency trades in November up 75% from the previous month. Ark Invest has also been increasing its holdings, having acquired a total of 1,739,358 shares of Hood since October, with a market value exceeding $15 million.

Cryptocurrency Trading Volume Increases by 75% Compared to Last Month

Robinhood previously announced its third-quarter financial report, showing a decrease in trading revenue by 11% to $185 million, primarily due to the continuous decline in cryptocurrency trading volume. However, with the recent significant surge in Bitcoin prices driving the overall increase in the cryptocurrency market capitalization, the optimistic market sentiment has led to a continuous influx of funds.

In the latest file submitted by Robinhood, customer deposits in November increased by $1.4 billion, and the cryptocurrency trading volume exceeded last month by 75%. It is evident that funds are flowing into both the stock market and the cryptocurrency market simultaneously.

Ark Invest Continues to Increase Holdings

After Robinhood released its financial report in early November, its stock price declined continuously due to lower-than-expected performance reports, even falling below $8. However, with the recent optimism in the cryptocurrency market, it closed at $9.55 yesterday. However, according to its financial report, Robinhood still accumulated a loss of $570 million as of the end of September, with a negative EPS of $0.64.

Nevertheless, Ark Invest continues to increase its holdings. According to data from ArkTrace, since October, Ark Invest has bought a total of 1,739,358 shares of Hood stock through its ARKK, ARKW, and ARKF funds, with a market value exceeding $15 million.