Robinhood joins the rest of the brokerage industry by publishing monthly transaction data on Manday. Starting a business has made it all difficult – at least by one metric.
Robinhood saw 4.3 million transactions of average daily revenue, or DARTS, in June, the company told CNBC on Monday. This is the first time the startup shares monthly totals. Robinhood̵7;s first payoff is higher than all the major incumbents and more than E-Trade and Charles Schwab combined.
TD Ameritrade hit the next highest monthly total at 3.84 million DART, according to the company’s monthly report. The interactive brokers saw 1.8 million DARTs in June, followed by Charles Schwab and E-Trade at 1.8 million and 1.1 million respectively.
The so-called DART remains a major brokerage industry standard for measuring client transactions, even though they no longer charge commissions. Robinhood’s DART for the entire second quarter more than doubled from the previous three months, according to the company. All of its three highest days, based on trading volume, happened in June 2020.
The new revelations, first reported by Bloomberg, came just days after Robinhood announced that it had removed some customer data from its website. A Robinhood spokesperson told CNBC it will no longer publish the number of customers holding a particular stock as that data is often “misinterpreted” and “misinterpreted” and does not represent the underlying way. customers using Robinhood. It also plans to restrict access to its API, which has been used by third-party sites like RobinTrack.com to express a retail interest in stocks like Virgin Galactic and Kodak. .
“When we look at customer behavior over time, many Robinhood customers use a ‘buy and hold’ strategy,” said a Robinhood spokesperson.
Robinhood had a successful year with 3 million new customer accounts in early 2020. It also announced the end of its Series F funding round, boosting its valuation to $ 8.6 billion. However, Robinhood had to go through growing pains. First, the startup experienced several days of downtime in March, this was partly due to transaction volume and record volatility. Robinhood also makes it harder to access the options offered after a customer has committed suicide.
Robinhood is hardly the only company in its business to record record growth. All of its publicly traded rivals more than doubled their annual trading volume in the second quarter. TD Ameritrade had the largest increase in DART, at 312% over the same period last year.