Robinhood Markets Inc ( HOOD ). reported a more than fivefold jump in cryptocurrency volumes in the fourth quarter.

What happened: The trading platform released its quarterly financials after Wednesday's market close and disclosed a cryptocurrency notional trading volume of $71 billion, up 400% year-over-year.

The volume surge helped boost cryptocurrency-related revenue to $358 million, marking a massive 700% jump from the last year. For context, this represented over half of the firm’s total transaction-based revenue for the quarter.

Robinhood also reported an 88% jump in assets under custody year-over-year, driven by high equity and cryptocurrency valuations.

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The company’s cryptocurrency arm, Robinhood Crypto, allows users to trade in popular coins such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and others.

Robinhood CEO Vlad Tenev stated that the company was committed to adding more cryptocurrency tokens to the platform, and the process would "accelerate" amid growing regulatory clarity.

Tenev said the one area he is  "most excited about" is asset tokenization. 

"Equities, private investments, and more should be brought on the cryptocurrency technology to unleash the true power of the cryptocurrency revolution," the top executive said.

Price Action: Shares of Robinhood soared 15.3% in after-hours trading after closing 4.82% higher at $55.91 during Wednesday's trading session.

The stock has a consensus price target of $44.63 based on 17 analyst ratings. The high of $65 was issued by Mizuho on Feb. 7, while the low of  $11 was issued by Barclays on Feb. 14, 2024.

Image via Shutterstock

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