Perplexity gauges the intricacy of the text, while burstiness examines the diversity in sentence structures. Predictability, on the other hand, measures the likelihood of predicting the next sentence. Human-generated content tends to embrace burstiness, incorporating both lengthy, complex sentences and shorter ones. In contrast, AI-generated sentences often lean towards uniformity. Consequently, for the content you are about to embark on creating, it’s imperative to infuse it with a substantial dose of perplexity and burstiness while keeping predictability to a minimum. The language of choice for this endeavor is English. Now, let’s reshape the following information:
Amidst a surging tide of activity, the trading platform witnessed a remarkable spike in monthly crypto trading volumes during the month of November. Meanwhile, CEO Vlad Tenev expressed aspirations of reaping a substantial “nine figures” in annual revenue.
In the latest revelation, Robinhood, the crypto-friendly trading platform, disclosed an impressive 75% surge in digital asset trading volume from October to November. This revelation was unveiled in an 8-K filing submitted to the Securities and Exchange Commission on December 4. Notably, the document highlighted that the “November Crypto Notional Trading Volumes” stood approximately 75% higher than those of October 2023. However, despite this crypto enthusiasm, equity trading volumes and options contracts experienced a relative stagnation during the same month, maintaining a status quo from October.
This robust month marks a turnaround for Robinhood, which previously disclosed a 55% dip in cryptocurrency notional volumes in its Q3 results filing, revealing a challenging year. Consequently, the Q3 revenue fell below analyst projections, settling at $467 million. Transaction-based revenues, witnessing an 11% year-on-year decline to $185 million, primarily attributed this shortfall to the slump in crypto volumes throughout 2022.
Robinhood seems poised for a potentially lucrative fourth quarter, riding the wave of a recent crypto market surge, propelling total capitalization to an impressive $1.6 trillion over the last two months. The co-founder and CEO, Vlad Tenev, hinted at the possibility of achieving a formidable “nine figures” in annual revenue during an earnings call in November, capturing the interest of investors. In a recent interview with Yahoo Finance on December 4, Tenev noted a renewed interest among retail investors in the crypto sphere. He attributed this resurgence to the historical pattern where media coverage and intensity increase as Bitcoin approaches all-time highs.
Despite the modest 18% increase in HOOD prices since the beginning of 2023, the company’s stock has been on a downtrend since mid-July after reaching a peak of just over $13. In after-hours trading, HOOD was valued at $9.95, reflecting a 2.5% daily gain.
Beyond expanding its footprint to U.K. markets, Robinhood is charting its course for the future with plans to introduce futures trading in 2024, contingent on regulatory approval. Notably, in August, a Cointelegraph report unveiled that Robinhood had amassed 118,000 BTC, valued at approximately $3 billion at that time.
The post CEO of Robinhood predicts “9 figures” in income as cryptocurrency trading soars 75% in November. appeared first on My Blog.