As bitcoin (BTC-USD) maintains its bull run in 2024, the leading crypto asset has seen gains of over 54% year-to-date and briefly surged to a new all-time high above $70,000 on Friday. Crypto in general has been a forceful driver in particular for trading platform Robinhood (HOOD), which reported crypto trading activity increased 10% year-over-year in its fourth-quarter earnings.
Robinhood Co-Founder and CEO Vlad Tenev sits down with Yahoo Finance Executive Editor Brian Sozzi to discuss the other areas the platform is also seeing heightened activity in from retail investors, drawing growth from options trading and even retirement planning. Robinhood's stock has risen over 36% in 2024 alone.
"It's not just the markets, and it's not just individual AI stocks [and] crypto. If you look at our retirement business, More and more people are interested in retirement as well. So we announced that we had in $1.7 billion in assets under custody in retirement accounts at the end of last year," Tenev explains. "And recently our CFO [Jason Warnick] was at a conference, he said that number had close to doubled, that over $3 billion just in a couple of months. So there's general interest in long-term investing as well and we're excited to be serving that market."
Tenev goes on to emphasize Robinhood's chief goals at the moment, including becoming "number one in the active trader market":
"But we don't want to just serve active traders. We want to grow wallet share, with our customers, we want to help them build wealth. And that's the second priority — that's where Robinhood Gold and our high-yield products come in, that's where retirement comes in, and, of course, the credit card where we're entering a new product category that's very important to customers. Then the third area of focus is expanding internationally."
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