Robinhood attributes much of its revenue growth to dogecoin

Cryptocurrency transactions helped power Robinhood Markets' (NASDAQ:HOOD) surge in Q2 revenue and dogecoin (DOGE-USD) made up the majority of its cryptocurrency transactions, the company said in its Q2 financial statement. Some 41% of Robinhood's (HOOD) total revenue came from transaction-based revenue earned from cryptocurrency transactions, up from 17% in Q1; 62% of its Q2 cryptocurrency transaction-based revenue is attributable to dogecoin vs. 34% in the prior quarter. With cryptocurrency revenue totaling $233M in Q2 2021, dogecoin would account for ~$144M of that. That implies that dogecoin accounts for ~25% for its total net revenue of $565M in Q2. The reliance on dogecoin appears in a section of the company's 10-Q titled "Risks Related to Our Cryptocurrency Products and Services." In addition to a cryptocurrency risks in general, the company's "business may be adversely affected, and growth in our net revenue earned from cryptocurrency transactions may slow or decline, if the