Robinhood Adds $25M Bitcoin to Balance Sheet
Fintech and blockchain giant Robinhood has added $25 million in Bitcoin to its balance sheet, according to a report by AMBCrypto. This purchase marks the first time the firm has bought a separate stash of the asset using corporate funds rather than user balances, joining a growing number of public companies adopting Bitcoin for treasury diversification.
Johann Kerbrat, senior vice president and general manager at Robinhood, stated that the firm believes firmly in the future of crypto and views the acquisition as a strategic move for overall asset diversification. Robinhood becomes the 199th public company to embrace Bitcoin for corporate treasury allocations. Collectively, public corporate holders control over 1.2 million Bitcoin, valued at approximately $105 billion at prevailing market prices.
The Bitcoin treasury allocation follows a series of crypto expansions by the firm. Earlier products include prediction markets that generated $260 million in revenue during the first two quarters of the year, alongside tokenized securities and perpetual futures offerings. In July, Robinhood launched its Ethereum layer-2 network, Robinhood Chain, which surpassed $1 billion in total value locked within three months and recorded $32.3 million in monthly revenue in September.
Wall Street analysts maintain a positive consensus on the company stock, trading around $109.50, with bullish targets from institutions like Barclays and Bank of America ranging between $132 and $156. It remains unconfirmed whether Robinhood will pursue an aggressive acquisition schedule for additional Bitcoin reserves similar to other corporate holders, or maintain a moderate accumulation strategy moving forward.
Based on reporting by ambcrypto.com.
