Popular retail brokerage Robinhood Markets Inc (NASDAQ:HOOD) reported a net loss of $423 million in Q4 2021.
What Happened: Crypto revenue for the last quarter was $48 million – a 6% decline from the previous quarter. Although this number is still a 304% increase year-over-year, it missed a Bloomberg analyst estimate of $55 million.
Julie Chariell, an analyst at Bloomberg Intelligence, thinks the weaker crypto numbers may have been caused in part by the platform’s reluctance to list meme-based cryptocurrency Shiba Inu (CRYPTO: SHIB).
The crypto numbers look “a little bit light compared to last quarter -- so huge growth year-over-year, but down from last quarter, perhaps because they don’t have Shiba Inu,” said Chariell.
“That’s the one coin that they’re missing, everyone’s waiting for. But the key part to that now is what happens in the first quarter and we know it’s looking ugly so far this year.”
Also See: Shiba Gets Added To This Regulated Crypto Platform; Will Robinhood Be Next?
A bulk of Robinhood’s crypto trading revenue in Q2 came from the most well-known meme-based cryptocurrency Dogecoin (CRYPTO: DOGE).
In August 2021, the company said that DOGE alone accounted for 62% of the $233 million worth of crypto revenue recorded over the quarter.
Although the company has not made any official announcements just yet, a number of sources close to the matter have reported that a SHIB listing could come as soon as February 2022.
Price Action: As of Friday morning, SHIB was trading at $0.00002042, down 2.22% in the last 24 hours. Robinhood shares lost 15% during after-hours trading.
Photo: Courtesy of Diverse Stock Photos on Flickr
