This year, Robinhood and Coinbase have become the vehicles for a boom in individual investing and speculation, as well as two of the most visible beneficiaries of that boom.
Huge stock trading volumes drove transaction revenue at Robinhood up more than fourfold in the first quarter. The bitcoin bonanza had an even bigger impact on Coinbase, inflating trading volume more than 10-fold and lifting revenue to an astonishing $1.6bn.
Depending on where you stand, this either represents a breakthrough in the empowerment of individual investors, or it’s a bubble that will end badly. Either way, it is not small-time investors who are making a killing from the trading volumes ignited by their own enthusiasm.
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