[tedunangst]

It's a bit odd to count that as revenue. Like Robinhood counting their entire trade volume of $350 billion as "revenue".

[rodonn]

Unfortunately under US accounting rules you have to do it this way in your financial filings.

[woobar]

But bigger brokers (in fact, much more than just brokers) like Merrill ($18B) or Schwab($10B) do not report their transaction volume as revenue.

[wfleming]

I'm having trouble finding a good citation, but I think the GP is referring to a quirk of US accounting rules that causes crypto trades specifically to be counted as revenue. The same does not apply to traditional financial market trades, which I think is what your numbers are.

[woobar]

But we are talking about Robinhood here. I doubt they trade $350B worth of crypto.

[skybrian]

Weirdly, it seems there are no GAAP accounting rules for cryptocurrencies yet. Apparently there is informal guidance that it should be treated as an intangible asset:

https://news.bloombergtax.com/financial-accounting/tesla-bit...