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Illustration: Sarah Grillo/Axios

Retail traders love trading cryptocurrency.

Why it matters: Robinhood gained popularity as a brokerage app offering commission-free stock trading. But the company's recent performance suggests the current crop of retail traders are more interested in cryptocurrencies than stocks.

Driving the news: Robinhood reported Wednesday that Q2 trading revenues surged 141% year over year to $451 million.

  • Cryptocurrency trading accounted for $233 million of that trading revenue, which was more than options trading revenue ($165 million) and equity trading revenue ($52 million) combined.
  • Over 60% of its 22.5 million funded accounts traded cryptocurrencies during the quarter.
  • "The three months ended June 30, 2021, is the first quarter where a larger share of new customers placed their first trade in crypto rather than equities," the company said.

Threat level: The company, however, warned that trading would slow in the coming quarter.

  • "For the three months ended September 30, 2021, we expect seasonal headwinds and lower trading activity across the industry to result in lower revenues and considerably fewer new funded accounts than in the prior quarter," the company said.

State of play: Robinhood shares fell 9% in after-hours trading after the company published these results.

Go deeper

Fintech's record year

Illustration: Annelise Capossela/Axios

Massive venture rounds into fintech companies have ballooned this year, pushing up total dollars invested — in just the first three quarters of 2021 — to nearly double the amount in all of 2020, per new PitchBook data.

Why it matters: The maturing of fintech startups means a growing number of companies are able to raise huge later-stage funding rounds as investors look to lock-in their bets.

Updated 3 hours ago - World

North Korea claims latest missile test new weapon launched from submarine

North Korean state media claims the country's military fired this missile on Tuesday. Photo: Korean Central News Agency

North Korean state media announced that a detected ballistic missile launch off its east coast on Tuesday was a newly developed weapon test-fired from a submarine.

Why it matters: Pyongyang's latest in a series of recent missile launches into the sea happened hours after U.S. officials emphasized their commitment to restart negotiations on North Korea's nuclear weapons program, which have stalled since talks broke down during the Trump administration, AP notes.

5 hours ago - Politics & Policy

Manchin's massive means test

Illustration: Aïda Amer/Axios

Sen. Joe Manchin (D-W.Va.) is offering progressives a trade: He'll vote for their cherished social programs if they accept strict income caps for the recipients, people familiar with the matter tell Axios.

Why it matters: Manchin’s plan to use so-called means-testing for everything from paid family medical leave to elder and disabled care would drastically shrink the size and scope of the programs. It also would bring a key moderate vote to the progressive cause.