Robinhood Markets Inc Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Chris Allen - Citigroup - Analyst : The health of the retail customer is a big focus in the current environment. I was wondering if you could peel back or provide some additional color on April -- metrics you provided were very solid. Curious if margin balances kind of improved towards the back half of the month, whether you've seen net new account openings. And the strong deposit numbers, are those coming from existing customers or new customers, too? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 30, 2025 / 9:00PM, HOOD.OQ - Q1 2025 Robinhood Markets Inc Earnings Call

Question: Patrick Moley - Piper Sandler - Analyst : So I wanted to touch on the futures offering again. You mentioned that you've seen 4.5 million contracts traded in April. So it sounds like that's picking up pretty nicely. So just curious where that volume is coming from? Is that existing customers? Are you finding that you're winning customers from other brokerage platforms there? And then any specific commentary that you can give on whether there are specific products or specific asset classes that you're finding your customers are migrating to?

Question: James Yaro - Goldman Sachs - Analyst : So Vlad, I want to ask a longer-term crypto one for you. We've now seen all three US banking regulators shift their posture to allow them to participate in the crypto ecosystem. What role do you expect US banks to play across both retail and wealth versus institutional crypto? And what does this mean for competition and pricing in the US crypto markets?

Question: James Yaro - Goldman Sachs - Analyst : I just want to touch on Bitstamp. When the deal is closed, could you just help us think about what that acquisition could mean for the way you route your crypto orders in terms of internalization as well as the crypto take rate? And obviously recognizing the deal will add institutional volumes, so that could pressure the blended take rate if you don't break that out. But -- so maybe if you could just isolate the impact on your retail crypto take rate.