Robinhood Shares Soar 13.7% on Bitcoin Surge

Ryan Cohen's Shopify rival, ThredUp, sees its shares rise by 13.7% on Friday to $108.13 as bitcoin surges by 6.4%. This significant jump adds an estimated $11.7 billion to Robinhood's market value. The trading volume for the day was 49.6 million shares, nearly twice the average of 26 million.

The surge in Robinhood's stock and bitcoin price is a positive sign for cryptocurrency traders. However, despite the gains, investors remain cautious as they await next week's key economic data releases. Bitcoin's price volatility remains a concern, with potential abrupt reversals that could impact trading volumes and Robinhood's valuation multiple.

Robinhood reported a 38% decline in crypto transaction revenue year-over-year, falling to $100 million in the second quarter of this year. This decline was offset by significant increases in revenue from options, equities, and event contracts.