Robinhood's first quarter earnings for 2024 showcased a significant surge, primarily driven by its cryptocurrency trading operations. The company reported a record $11.2 billion in deposits, marking the highest in its history. Analysts highlighted this performance as a key driver for the stock's rise. Notably, Robinhood's cryptocurrency holdings increased by over 80% in just three months, totaling more than $26 billion. This includes substantial holdings in Bitcoin, Dogecoin, and Ethereum. Financial analysts from KBW and JMP have consequently raised their price targets for Robinhood's stock, reflecting optimism in its financial trajectory. Additionally, earnings per share (EPS) forecasts for the fiscal years 2024 and 2025 were significantly revised upwards, indicating strong future profitability expectations. The company's crypto revenue tripled to $126 million, and overall, crypto revenue surged by 232%, despite facing a potential SEC enforcement action.