Crypto platform Robinhood saw cryptocurrency revenue drop to just $23 million in Q3 2023, the lowest in three years, signaling continuing struggles:
Dogecoin, which used to constitute 32% of Robinhood’s net revenue, has dropped precipitously in value. Fortune reports that CEO Vlad Tenev aims to steadily grow market share in bear markets and more quickly in bull markets.
Robinhood is expanding into Europe due to a friendlier regulatory environment for cryptocurrencies. The platform is also relisting coins considered unregistered securities by the SEC and adding new cryptos not available in the US.
SEC Delays Spot Bitcoin ETF Approvals
The SEC held calls with spot bitcoin ETF applicants but emphasized cash-only purchases and redemptions, excluding “in-kind” transactions using bitcoin. FOX Business reports a decision is likely by January 10.
OTC Markets Gain Traction
Traders and institutions have increasingly turned to the OTC market for stability amid market turbulence.CCData found centralized exchanges experienced spread variability during the Silicon Valley Bank crisis, unlike consistent OTC markets.
Arkon Energy Raises $110 Million
Cryptocurrency mining firm Arkon Energy secured $110 million in funding led by Bluesky Capital Management. The company plans to increase its Bitcoin mining capacity by 130% by mid-2024 and develop AI cloud services in Norway, as reported by TechCrunch.