Crypto Trading Volume Doubles in Robinhood for October 2023

US-based financial services company Robinhood Markets, Inc. ("Robinhood") announced its operating data for October 2023, showing that its trading volume in crypto doubled on a month-on-month basis. There were 22 trading days in October 2023, compared to 20 trading days in the prior month.

According to the latest data released on Robinhood website, the net Cumulative Funded Accounts (NCFA) at the end of October were 23.3 million, up about 30,000 from the previous month.

Assets Under Custody (AUC) totaled $84.6 billion at the end of the month, a slight decrease of 2% compared to $86.5 billion in September 2023. While net deposits amounted to $1.0 billion, unchanged from the prior month.

Trading volume during the period experienced an overall growth across all markets. Equity trading volume rose by 15% from $44.2 billion to $50.8 billion MoM; options contracts rose by 11% from 87.3 million to 96.6 million; and crypto trading volume reached $2.3 billion for the month, jumping 92% compared to $1.2 billion in September this year.

In addition, Robinhood reported its margin balances at the end of October stood at $3.5 billion, dropping 3% compared to $3.6 billion in the prior month.

Its cash sweep balances were $13.9 billion at the end of the month, increasing 2% from $13.6 billion in September.

Earlier this month, the trading firm unveiled its financial results for the third quarter of 2023​, reporting its total revenue of $467 million, a decrease of 4% compared to $486 million in the prior quarter but an increase of 29% compared to $361 million in the same period of 2022.