Robinhood Markets Inc. is taking a cautious approach to corporate cryptocurrency treasury investments, despite the growing trend among public companies to hold digital assets on their balance sheets. On the third-quarter earnings call, incoming CFO Shiv Verma stated that the company is "still thinking about it" and emphasized the need to weigh whether adding Bitcoin or other tokens aligns with shareholder interests and capital efficiency. Verma highlighted that while holding tokens might please users, it ties up capital that could be deployed elsewhere, and noted that shareholders can already buy Bitcoin directly through Robinhood's platform.
Robinhood's crypto business continues to thrive, with Q3 transaction-based revenue surging 129% year-on-year to $730 million, driven by a rebound in digital asset activity. Crypto-specific revenue reached $268 million, up over 300% from the previous year, helping the company exceed Wall Street earnings forecasts. Meanwhile, Robinhood is expanding its blockchain initiatives, launching tokenized U.S. stocks and ETFs for European customers in partnership with Arbitrum, focusing on global access without altering its treasury strategy. CEO Vlad Tenev remarked, "Our latest offerings lay the groundwork for crypto to become the backbone of the global financial system," underscoring a commitment to innovation over direct crypto purchases.
The stance contrasts with companies like MicroStrategy, which has amassed a Bitcoin stash worth over $70 billion by mid-2025 using methods such as convertible notes and equity sales. This model has inspired followers like Japan's Metaplanet and the U.S.'s Semler Scientific. However, corporate treasury activity has slowed recently; Coinbase's David Duong reported a lull in purchases since early October, coinciding with Bitcoin dropping below $100,000 for the first time since June and the total crypto market losing over $1 trillion in value. Critics, including Columbia Business School's Omid Malekan, label digital asset treasuries as "extraction schemes" that may enrich insiders rather than build lasting value.
Robinhood's strategy centers on flexibility, avoiding price risk on its balance sheet while earning revenue from trading and custody services. The firm's focus remains on shareholder alignment and capital deployment into growth initiatives, keeping the door open for future changes if market conditions evolve.
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