Robinhood Markets, Inc. July 2024 Operating Data Highlights Growth 📈
Robinhood Markets, Inc. (NASDAQ: HOOD) recently shared its operating metrics for July 2024, showcasing significant growth across key areas, as reported by GlobeNewswire.
Funded Customers and Assets Under Custody
- As of the end of July 2024, Robinhood boasted 24.2 million funded customers, representing a noteworthy increase of around 70,000 from June 2024 and more than one million compared to the same period last year.
- Assets Under Custody (AUC) reached $144.5 billion, showing a 3% surge from June 2024 and a substantial 53% jump from the previous year.
- July’s net deposits totaled $4.2 billion, equating to a 36% annualized growth rate in relation to June’s AUC. Over the past twelve months, net deposits totaled $35.8 billion, indicating a 38% annual growth rate compared to July 2023 AUC.
Trading Volumes and Margin Balances
- Equity notional trading volumes reached $104.4 billion, marking a 21% increase from June 2024 and a 51% rise year-over-year.
- Options contracts traded hit 160.5 million, up by 22% from the previous month and 51% compared to the same period last year.
- Crypto notional trading volumes stood at $5.3 billion, reflecting a 23% month-over-month increase and a 56% annual growth.
- Margin balances closed at $5.4 billion by the end of July, up 8% from June 2024 and a 59% rise year-over-year.
Cash Sweep Balances and Securities Lending Revenue
- Total cash sweep balances at the end of July were $21.8 billion, showcasing a 4% increase from June 2024 and a significant 72% rise year-over-year.
- Gold cash sweep balances amounted to $21.2 billion, up 4% from June 2024 and a strong 78% increase year-over-year.
- Non-gold cash sweep balances remained steady month-over-month at $0.6 billion but dropped by 25% compared to the previous year.
- Total securities lending revenue for July reached $21 million, matching June 2024 figures but showing a 24% year-over-year increase.
Daily Average Revenue Trades (DARTs)
- Equity DARTs were reported at 2.1 million, a 5% decrease from June 2024 but a notable 24% rise year-over-year.
- Options DARTs stayed constant month-over-month at 0.9 million, indicating a 29% annual increase.
- Crypto DARTs remained unchanged from June 2024 at 0.3 million, reflecting a significant 50% growth year-over-year.
For detailed definitions and further information on these metrics, it is recommended to refer to Robinhood’s full monthly metrics release available on their investor relations website.
About Robinhood
Robinhood Markets, Inc. is committed to democratizing finance for all, offering commission-free trading of U.S. stocks, options, and cryptocurrencies in the U.S. through Robinhood Financial LLC and Robinhood Crypto, LLC. The company also provides debit and credit card services via Robinhood Money, LLC and Robinhood Credit, Inc. Additionally, Robinhood offers trading services in the UK and select European Union jurisdictions through its subsidiaries.
Hot Take 🚀
As a crypto enthusiast, staying informed about the latest financial metrics and growth trends of prominent platforms like Robinhood Markets, Inc. can provide valuable insights into the evolving landscape of the financial industry. Keep an eye on such updates to make informed decisions regarding your investment strategies and financial goals.
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