Darius Baruo
Aug 16, 2024 13:26
Robinhood Markets, Inc. (NASDAQ: HOOD) reports July 2024 operating data, highlighting growth in funded customers, assets under custody, and trading volumes.
Robinhood Markets, Inc. (NASDAQ: HOOD) has released its operating metrics for July 2024, showcasing notable growth in several key areas, according to GlobeNewswire.
Funded Customers and Assets Under Custody
At the end of July 2024, Robinhood reported having 24.2 million funded customers, an increase of approximately 70,000 from June 2024 and over one million year-over-year. Assets Under Custody (AUC) reached $144.5 billion, marking a 3% rise from June 2024 and a 53% increase compared to the previous year. Net deposits for July totaled $4.2 billion, translating to a 36% annualized growth rate relative to June 2024 AUC. Over the past twelve months, net deposits amounted to $35.8 billion, reflecting a 38% annual growth rate compared to July 2023 AUC.
Trading Volumes and Margin Balances
Equity notional trading volumes surged to $104.4 billion, up 21% from June 2024 and 51% year-over-year. Options contracts traded reached 160.5 million, a 22% increase from the previous month and a 51% rise year-over-year. Crypto notional trading volumes were $5.3 billion, reflecting a 23% month-over-month increase and a 56% year-over-year growth. Margin balances stood at $5.4 billion at the end of July, an 8% increase from June 2024 and a 59% rise year-over-year.
Cash Sweep Balances and Securities Lending Revenue
Total cash sweep balances at the end of July were $21.8 billion, up 4% from June 2024 and 72% year-over-year. Gold cash sweep balances amounted to $21.2 billion, a 4% increase from June 2024 and a 78% rise year-over-year. Non-gold cash sweep balances remained flat month-over-month at $0.6 billion but decreased by 25% year-over-year. Total securities lending revenue for July was $21 million, consistent with June 2024 but up 24% year-over-year.
Daily Average Revenue Trades (DARTs)
Equity DARTs were reported at 2.1 million, a 5% decline from June 2024 but a 24% increase year-over-year. Options DARTs remained stable month-over-month at 0.9 million, showing a 29% rise year-over-year. Crypto DARTs stayed unchanged from June 2024 at 0.3 million, reflecting a 50% increase year-over-year.
For more detailed definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release available on their investor relations website.
About Robinhood
Robinhood Markets, Inc. aims to democratize finance for all. In the U.S., it offers commission-free trading of U.S. stocks, options, and cryptocurrencies through Robinhood Financial LLC and Robinhood Crypto, LLC. The company also provides debit and credit card services through Robinhood Money, LLC and Robinhood Credit, Inc. In the UK and select jurisdictions in the European Union, Robinhood offers trading services through its subsidiaries.
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