Robinhood (NASDAQ: HOOD) reported total net revenue of $565 million for the second quarter of 2021, a major chunk of which came from cryptocurrency trading. Filed on Wednesday, it was its first earnings report as a public company.

The overall revenue of the company jumped by 131 percent between April and June from the figures reported for the previous quarter. Transaction-based revenue of the retail trading broker came in at $451 million in the period, compared to $187 million generated in the first quarter of the year.

Though the options and equities transaction value climbed by 48 percent and 28 percent, respectively, cryptocurrency trading brought in $233 million, which is more than half of the transaction-based revenue. In Q1, the share of cryptocurrency revenue was only at 17 percent.

Robinhood launched crypto trading in 2018 and lists only seven different digital coins. It is one of the few regulated trading venues in the United States offering Dogecoin trading, and it paid off.

Despite the impressive revenue, Robinhood turned a net loss of $502 million, which remained within its expected loss forecast range of $487 million to $537 million. The company reported a profit of $58 million in the same quarter of 2020.

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However, the company warned that its third-quarter results might see an impact because of the seasonal slowdown in the trading industry.

“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 earnings report stated.

Further, the company detailed that it ended the quarter with a total of 22.5 million funded accounts, jumping from 18 million in the previous quarter. Moreover, it recorded a 109 percent annual rise in monthly active users with 21.3 million in Q2.

The asset under custody with the company at the end of the quarter remained at $102 billion, climbing 205 percent from the same quarter of the prior year.

“We’re happy to expand access through products like commission-free crypto trading, which saw strong growth this quarter among women investors in particular, and IPO Access, which gives customers an opportunity to invest in companies at their IPO price,” said Vlad Tenev, Robinhood’s Co-Founder and CEO.

News provided by Robinhood.

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