Robinhood Chain Surges as Crypto Trading Revenue Falls

Robinhood's stock price surged by 14.88% to $122.91 on Thursday, with 25.916 million shares traded against a three-month average of 24.445 million.

The company's market capitalization reached $110.506 billion at a trailing price-to-earnings ratio of 46.17.

However, despite the stock's impressive performance, its crypto trading revenue fell by 38% year over year to $100 million in the second quarter.

This was while the broader digital asset market remained in a slump, with Bitcoin gaining only 4.28% to $80,311.25 on collapsing Fed hike odds.

The company's Ethereum Layer 2, Robinhood Chain, however, generated more than $3.8 million in network revenue on September 1, ranking first among all blockchain networks globally and capturing approximately 38% of total network revenue industry-wide that day.

Over the trailing 24 hours into Thursday, it booked $4.3 million in on-chain revenue against $4.45 million in fees, with Solana next at $3.9 million.