Robinhood, an online stock brokerage that lets users buy and sell 18 cryptocurrencies, saw an approximately 30% year-over-year decrease in revenue from crypto transactions in the first quarter of 2023. Compared with $54 million a year ago, the publicly traded company only saw $38 million in the most recent quarter. But measured sequentially, revenue from crypto-related transactions fell just 1% from the fourth quarter.
The company also announced that it has yet to buy back 55 million shares of the company—a 7.6% stake—that Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, and fellow FTX executive Gary Wang purchased in May 2022. Robinhood’s board already has approved the buyback of the shares, now worth approximately $500 million.
