Robinhood warns it could be hurt if interest in Dogecoin wanes

Commission-free trading app Robinhood warned investors on Thursday that its fortunes may be tied to a cryptocurrency that got its start as a joke.

In revealing its financials for the first time while filing to go public, Robinhood said Dogecoin accounted for 34 percent of its cryptocurrency transaction-based revenue in the first quarter, up from 4 percent in the prior quarter. Any slowdown in demand, it said, could adversely affect its financial results. “A substantial portion of the recent growth in our net revenues earned from cryptocurrency transactions is attributable to transactions in Dogecoin,” the company disclosed under the risk warnings section of its S-1 filing with the Securities and Exchange Commission.