Popular trading platform Robinhood saw substantial growth across its key metrics in October, with significant increases in trading volumes and customer assets under management.

Robinhood Reports Surge in Trading Volumes, Customer Growth in October

The company's equity trading volumes jumped 48% to $126.4 billion compared to September, while cryptocurrency trading surged 51% to $5.6 billion. Options contract trading also showed strong momentum, rising 16% to 158 million contracts.

Compared to October 2023, the surge is even more visible: in equities, volumes rose by 149% from $50.8 billion, and in cryptocurrencies, by 143% from $2.3 billion. The good results in the crypto market confirm data from the Q3 report. In the period from July to September, the popular US-based company generated $637 million in revenue, marking a 36% increase.

Robinhood's assets under custody (AUC) reached $159.7 billion, marking a 5% increase from September and an impressive 89% rise year-over-year. The platform attracted approximately 90,000 new funded customers in October, bringing its total customer base to 24.4 million.

“Net Deposits were $5.2 billion in October, translating to a 41% annualized growth rate relative to September 2024 AUC,” the company commented yesterday (Monday). Over the last twelve months, Net Deposits were $43.2 billion, translating to an annual growth rate of 51% relative to October 2023 AUC.

Margin balances grew to $6.2 billion, up 13% from September, while cash sweep balances increased 4% to $25.5 billion. The company's securities lending revenue reached $19 million, showing a 6% monthly increase.

Robinhood Share Price: HOOD Tests 3-Year Highs

Following the latest report, Robinhood's shares surged over 7% during Monday's session, testing levels above $34 per share. For the company listed on Nasdaq under the ticker HOOD, this marks the highest level in three years.

Robinhood's recent stock surge is partly attributed to Bitcoin 's ascent toward the $90,000 mark, setting new all-time highs. Concurrently, Robinhood has partnered with major cryptocurrency firms to launch the Global Dollar Network, marking a significant expansion of its digital asset strategy. This initiative, involving industry leaders such as Kraken, Paxos, and Galaxy Digital, aims to challenge the stablecoin market currently dominated by Tether and USD Coin.

The network will introduce USDG, a regulated stablecoin issued by Paxos in Singapore, with DBS Bank managing the reserve assets. This move represents Robinhood's most ambitious crypto-related venture since introducing cryptocurrency trading to its platform.