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Alphabet Offloads 90% of Its Robinhood Shares as Exchange’s Crypto Revenues Slide

2 mins
Updated by Ryan James
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In Brief

  • Alphabet, Google's parent company, has sold 90% of its Robinhood shares, just as the digital exchange company reported its first profitable quarter.
  • In addition to Robinhood, Alphabet also reduced its position in well-known digital brands like Lyft, Duolingo, and 23andMe, selling shares worth millions.
  • Despite a 10% quarterly revenue growth, Robinhood saw a decrease in earnings from cryptocurrency trading and a decline in monthly active users.
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Google’s parent company Alphabet has dumped 90% of its shares in Robinhood, a recent regulatory filing reveals.

Perhaps unfortunately for the Big Tech firm, the sale of $6,109,896 in Robinhood stock occurred just as the digital exchange company reported its first profitable quarter since going public.

Alphabet Dumps Robinhood and Other Household Digital Brands

According to the recent filing with the US Securities and Exchange Commission (SEC), Alphabet has nearly entirely divested itself from Robinhood. But the digital exchange operator isn’t the only well-known digital brand that Alphabet has reduced its position in.

The SEC filing also reports that the company sold $35,502,698 worth of shares in the ride-sharing firm Lyft. As reported by CNBC, the tech giant has also sold a significant amount of shares in Duolingo and 23andMe.

Alphabet invested in all four businesses before they were listed publicly. But for maximum profit, it would have paid off to wait just a little longer.

Robinhood (HOOD) Stock Price
Robinhood Stock Price

The SEC filing reports that Alphabet’s Robinhood selloff occurred in the period up to June 30. But the exchange’s share price increased notably in July. And on August 3. The company reported revenues of $486 million, marking its first profitable quarter since its Initial Public Offering (IPO).

Robinhood Crypto Business Shrinks

Despite reporting 10% quarterly revenue growth, Robinhood’s earnings from its cryptocurrency trading platform decreased by 18% to $31 million.

One worrying trend for Robinhood is that monthly active users have declined across its exchange services. Standing at, 10.8 million in Q2 2023, the figure represents a loss of one million users since the previous quarter. Compared to Q2 2022, the platform’s monthly user count is down 3.2 million.

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James Morales
James is a London-based editor, writer and explorer of the cryptosphere who started his journalistic career writing about digital art before honing his craft as a financial technology reporter. From the latest innovation in digital assets to the evolution of Web3, he is perpetually fascinated by the technologies of decentralization.
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