WIN BITCOIN
Robinhood (NASDAQ: HOOD) executives say the company is still debating whether to add Bitcoin (BTC) to its corporate treasury, even as crypto-related revenues soar.
Speaking on Robinhood’s third-quarter 2025 earnings call Wednesday, CEO Vlad Tenev said Robinhood has spent “a lot of time” evaluating the potential move. He emphasized that adding Bitcoin to the balance sheet would both signal alignment with the crypto community and tie up capital.
“If you put it [Bitcoin] on your balance sheet, it has the positives in that you’re aligned with the community, but it does take up capital,” Tenev said.
“Are we making that decision for them? Is it the best use of our capital?” Tenev later said. “I think the short answer is we’re still thinking about it.”
Treasurer Shiv Verma echoed that sentiment, noting that while Robinhood regularly debates the idea, the firm hasn’t reached a conclusion.
“We spend a lot of time thinking about this [and] have this debate constantly,” Verma said. “We’ll keep actively looking at it.”
The discussion comes as Robinhood’s crypto revenues surged 339% year-over-year, reaching $268 million in Q3. Cryptocurrency trading accounted for about 20% of the company’s total income during the quarter, driven by what CFO Jason Warnick called a “nice step-up in crypto volumes.”
Tenev also outlined Robinhood’s broader digital asset ambitions, including plans to expand its tokenized stock program. “Where it really starts to get interesting is phase two and phase three,” he said, referring to potential secondary trading on Bitstamp and eventual integration with DeFi platforms.
Bitcoin as a corporate reserve strategy
Bitcoin is emerging as a reserve asset strategy among public and private companies seeking protection from currency debasement and inflation.
Following the playbook popularized by Strategy, Japan-based Metaplanet has become one of the most aggressive adopters in Asia, using debt financing to accumulate Bitcoin as a core treasury holding.
Metaplanet recently tapped a $100 million loan to expand its Bitcoin reserves, framing the move as a long-term monetary hedge rather than a speculative bet.
The company now holds thousands of BTC on its balance sheet and describes its approach as “a corporate response to a weakening yen and global monetary instability.”
Earlier this week, Strategy announced the purchase of 397 bitcoin for approximately $45.6 million at an average price of $114,771 per Bitcoin. The announcement comes as Bitcoin’s price has been volatile, briefly dipping below $100,000.
