"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."
"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."
Robinhood executives remain undecided about adding Bitcoin to the corporate treasury, balancing community alignment against the capital that would be tied up. Executives describe the decision as ongoing, noting that placing Bitcoin on the balance sheet signals support for the crypto community but reduces available capital. Crypto-related revenues jumped 339% year-over-year to $268 million in Q3 and represented roughly 20% of total income, driven by higher trading volumes. Robinhood plans to expand its tokenized stock program, with later phases potentially enabling secondary trading on Bitstamp and integration with DeFi platforms. Bitcoin is being used by some firms as an inflation hedge and reserve asset.
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