Robinhood's Event-Contract Business Boosts Shares Amid Cryptocurrency Slump

Retail trading platform Robinhood's shares have remained above $96 despite a recent decline in cryptocurrency trading, thanks to its growing event-contract business.

The company reported event-contract revenue of $156 million in the last quarter, surpassing equities and crypto revenue. This new business is helping offset slowing crypto trading volumes.

Roninhood's Chief Financial Officer Shiv Verma noted that the company achieved record volumes in equity, option, and event-contract trades, with net income climbing 48% to $573 million.