TechFlow news, according to DL News, Bernstein analysts expect that thanks to expansion in cryptocurrency operations and rising wealth among U.S. millennials, online trading platform Robinhood could generate $900 million in revenue in 2024, with its market capitalization projected to reach between $19 billion and $23 billion by 2025.
Robinhood is actively expanding into the cryptocurrency space, including growing its crypto team, launching cryptocurrency trading services in the European Union, and acquiring exchange Bitstamp for $200 million. Johann Kerbrat, General Manager of Robinhood's cryptocurrency division, said: "We want to be the gateway into the world of cryptocurrency."
Data shows that Robinhood generated $81 million in trading revenue from its cryptocurrency business in Q2, a 161% year-on-year increase. Currently, about 60% of the company's assets come from customers aged 43 and under. Bernstein analysts noted that the share of household wealth held by U.S. millennials has surged from 1% in 2010 to 10% today, a demographic trend that benefits Robinhood.
