Robinhood's crypto revenue has reached its lowest point in three years, but the company continues to expand its crypto operations. In the second quarter of 2021, trading fees from Dogecoin accounted for 32% of Robinhood's net revenue, but since then, its crypto revenues have declined significantly. Despite this, Robinhood is still committed to supporting crypto and has plans to launch in Europe, where the regulatory environment is more favorable. The company is also relisting coins that were previously deemed unregistered securities by the US SEC and adding other cryptocurrencies not available in the US. Robinhood's CEO, Vlad Tenev, believes that their strategy of steadily growing market share during bear markets and rapidly growing it during bull markets is the right approach. The US SEC has been holding calls with spot Bitcoin ETF applicants to discuss the application process and the necessary structure for the ETFs. Traders and institutions have turned to the over-the-counter (OTC) market in search of stability due to the struggles faced by centralized exchanges in 2023. According to a report by CCData, centralized exchanges showed significant variability in their spreads during the Silicon Valley Bank crisis, while the OTC market demonstrated consistency and uniformity. Arkon Energy, a data center infrastructure company, has raised $110 million in a private funding round to expand its US Bitcoin mining capacity and launch an AI cloud service in Norway.
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