Robinhood‘s Q3 2023 financial report brought mixed results, disappointing shareholders with a 4% revenue decrease to $467 million and an overall loss of $85 million, resulting in a per-share loss of 9 cents.
However, the company’s crypto division fared better, with a 9% year-over-year increase in crypto assets held, reaching $10.2 billion.
CEO Vlad Tenev remains committed to expansion, with plans to introduce cryptocurrency trading in the European Union, capitalizing on a favorable regulatory environment.
Tenev expressed, “Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better. We are focused on using this situation as an opportunity to build our capabilities and enhance our platform.”
This move follows Robinhood’s decision to delist certain tokens in response to SEC actions against Binance and Coinbase.
Other prominent players in the crypto market are also looking to pivot towards Europe amidst ongoing SEC lawsuits. This trend follows ongoing SEC lawsuits targeting companies the regulator believes violate American financial laws.
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