Robinhood Logs Record Equity Trading Day as Bet Expands Beyond Stocks

Robinhood Markets (NASDAQ:HOOD) posted its highest-ever equity trading day on the Thursday before a Wolfe Research event, Chief Brokerage Officer Steve Quirk said — and the record significantly beat prior highs set during the 2020 and 2021 trading surges.

The volume milestone landed as Quirk sketched out where the brokerage is putting resources next: prediction markets, agentic trading (AI-driven tools that execute tasks for users) and wealth management.

How are customers behaving?

Quirk described Robinhood's user base as "cautiously aggressive" in volatile markets, noting they have often bought stocks after declines. With the average customer in their 30s, many hold a longer investment horizon than clients at established brokerages.

He stopped short of forecasting behavior in a prolonged downturn. "He said he could not predict how Robinhood users would respond" to one, according to his remarks at the event.

Customer metrics Quirk cited:

• More than 28 million customers
• Average account size of roughly $15,000, up from about $3,000 — still well below established rivals
• Net account transfers positive from every other broker
• Product range covering an estimated 80% to 85% of assets in customers' accounts, with gaps remaining in asset classes and account types

In short: accounts are getting bigger and stickier, but Robinhood still has room to grow wallet share.

What's driving the prediction markets push?

Sports contracts dominate prediction-market activity today, but Quirk expects non-sports contracts to become a significant growth source. He flagged contracts tied to economic indicators and company key performance indicators (KPIs, the metrics firms use to track performance) as areas of interest.

Non-sports activity has already doubled, he said, without specifying the baseline or time frame.

Regulatory uncertainty hangs over the segment. Quirk called sports contracts the principal area of contention and said he can't predict where the issue lands — so Robinhood prepares for a scenario in which sports contracts are unavailable. One hedge: KPI options being launched with Cboe.

Is agentic trading catching on?

More than 200,000 customers use Robinhood's agentic trading capabilities, Quirk said, though that remains a small slice of the total base. Only a fraction let an agent trade on their behalf; others use the tools for portfolio and tax optimization or developing investment theses.

Early users show higher engagement, but Quirk urged caution: the most engaged customers typically adopt new products first, and the company needs more time to confirm whether the activity bump sticks.

Where does growth come from next?

Wealth management is the third pillar. Quirk pointed to TradePMR (its adviser custody business), Robinhood Strategies (managed portfolios) and the recently launched Robinhood Advisor Network connecting customers with advisers. Registered investment advisers want access to Robinhood's younger clients and technology, he said — and they risk losing relationships when wealth passes to heirs they don't know.

On deposits, Quirk reiterated the target of more than 20% net deposit growth, supported by adviser services, international expansion and the core brokerage. October ranked as the company's third-best month for deposits, and Robinhood wasn't far from 20% growth for the year at the time of the discussion.

Internationally, Robinhood operates in Singapore, Dubai, the U.K. and across Europe. Local execution and country-specific retirement products are key to capturing more of those customers' assets, Quirk said.

Two other developments: the removal of the pattern day trader rule boosted customer activity, and Robinhood has been wining back customers who left over the rule. Crypto perpetuals (leveraged futures-style contracts without expiry dates) are drawing substantial attention and could offer hedging utility — though Quirk doesn't expect U.S. versions to carry the leverage available overseas.

Founded in 2013 by Vlad Tenev and Baiju Bhatt and headquartered in Menlo Park, California, Robinhood now spans stocks, ETFs, options, crypto, retirement and cash management. The bet: bigger accounts, new products and new markets keep the deposit engine running.