Retail investors have significantly increased their activity in the stock market, with net buying of S&P 500 single stocks reaching approximately $12 billion in April, marking the highest level of buying in over a year. This surge in retail investment has been consistent since the market peak in February. Robinhood, a popular trading platform among retail investors, reported a surge in revenue and earnings, driven by heightened market volatility attributed to President Donald Trump's global tariffs. The company's equities trading reached a four-year high, while options trading hit an all-time high. Despite a 30% decline in cryptocurrency revenue to $252 million, Robinhood's CEO Vlad Tenev indicated a strategic shift to diversify away from crypto trading, which had previously accounted for more than 25% of the company's net revenue. Crypto trading volume on Robinhood fell to $46 billion in the first quarter from $71 billion at the end of 2024. Kraken, a cryptocurrency exchange, also reported robust financial performance in the first quarter of 2025, with gross revenue reaching $472 million and adjusted EBITDA increasing by 19% year-over-year to $187 million. This growth was fueled by market volatility linked to Trump's tariffs, ahead of Kraken's planned initial public offering (IPO). Kraken's trading volume increased by 29% during this period.