Hudson River Trading, a leading high-frequency trading firm, has reportedly earned $6.4 billion in trading revenue during the first quarter. If confirmed, this would set a new record for the firm and significantly shift perceptions of quant trading profits.
To put that number in perspective: Citadel Securities, Ken Griffin's market-making giant, was estimated to generate just over $4 billion for all of 2025. Jane Street operates in a similar revenue neighborhood. HRT processes over $7 trillion in trading volume annually across more than 30 exchanges.
HRT entered the crypto market in 2020 and now handles approximately 15% of spot BTC and ETH volumes on centralized exchanges. The firm has been aggressively hiring quant traders, signaling confidence in continued strong returns.
However, HRT is a private company and does not publicly disclose financial results. The $6.4 billion figure has not been officially confirmed and may stem from unreliable sources. A mix-up with revenues from unrelated entities like Parsons Corp and Port Authority NY/NJ has been suggested.
For institutional crypto investors, HRT's dominance is a double-edged sword: it provides deep liquidity and tight spreads, but concentration among a few elite market makers introduces systemic risk.