Brett Knoblauch's questions to Robinhood Markets Inc (HOOD) leadership • Q1 2025
Question
An analyst on behalf of Brett Knoblauch at Cantor Fitzgerald asked about the adoption of smart exchange routing for crypto trades and its expected impact on the blended take rate.
Answer
CEO Vladimir Tenev responded that it's still in the early stages of rollout but that results look good, particularly for active traders. He explained the feature gives more choice and the ability to offer preferential pricing to higher-volume customers. CFO Jason Warnick added that tiered pricing doesn't necessarily mean a lower blended rate, as the goal is to attract new, high-volume trading that is not currently on the platform.