Robinhood Q1 crypto trading revenue drops to $134 million, below Hyperliquid

Wu Shuo learned that, according to Blockworks Research analyst Shaunda Devens, in the first quarter, Robinhood’s cryptocurrency trading revenue decreased by 39.4% quarter-over-quarter to $134 million, while Hyperliquid’s revenue declined by 31% quarter-over-quarter to $179.7 million; Hyperliquid’s revenue still exceeds Robinhood’s crypto product line, mainly because Hyperliquid’s RWA revenue increased by 454.8% quarter-over-quarter; Robinhood’s new deposit users grew by only about 1.5% quarter-over-quarter.

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