Robinhood Says Dogecoin Shrank to 40% of Crypto Revenue

(Bloomberg) — Robinhood Markets Inc. said Dogecoin, a virtual token that started out as a joke, comprised 40% of its cryptocurrency transaction revenue in the third quarter.

That’s a decline from 62% in the preceding three-month period, according to a filing Friday from the Menlo Park, California-based brokerage. 

Read more: Robinhood Sinks Below IPO Price as Revenue Misses Estimates

Robinhood had $51 million of crypto transaction revenue in the third quarter, the company said earlier this week when it reported financial results for the period. That’s down from $233 million in the second quarter.

Dogecoin surged in the second quarter, with the token reaching a record in May. The cryptocurrency made up almost one-third of Robinhood’s total revenue in that period. In the third quarter, it accounted for just 8%.

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