Despite this success, the company is still undecided about adding cryptocurrencies like Bitcoin to its corporate treasury, with executives weighing the benefits of aligning with the crypto community against capital allocation concerns. Meanwhile, CFO Jason Warnick explained that Bitstamp and prediction market operations are generating over $100 million annually, while CEO Vladimir Tenev said Robinhood plans to expand globally and enhance the interoperability of its tokenized stock products.
Robinhood Debating Adding Crypto to Its Treasury
Robinhood Markets is still on the fence about whether to add cryptocurrencies like Bitcoin to its corporate balance sheet, even though many companies have embraced the trend of holding digital assets as part of their treasury strategies. During the firm’s third-quarter earnings call on Wednesday, Shiv Verma, Robinhood’s vice president of finance and strategy, said that the company has been carefully weighing the idea but has yet to reach a final decision.
“We spent a lot of time thinking about this,” Verma said when asked if Robinhood would follow in the footsteps of other firms that have adopted crypto as a reserve asset. “We like alignment with the community. We are a big player in crypto. We want to keep doing it. We like that our customers are engaged in it.”
However, Verma explained that while holding Bitcoin could strengthen Robinhood’s alignment with the crypto community, it also raises some important questions about capital allocation and shareholder value. “What we always try to figure out is: Is it the right thing for shareholders as well?” he said.
Crypto treasury firms are companies that hold digital assets as part of their reserves, and they have become one of the most talked-about trends in finance this year. Their rise was fueled by surging investor interest and the perception that such holdings can boost a company’s profile and share price. Still, some analysts warn that the influx of new players could crowd the space and pressure firms to take on bigger risks or even pursue mergers to sustain growth.
Verma also explained that Robinhood’s hesitation stems from the trade-off between community alignment and efficient capital use. “It has the positives that you’re aligned with the community, but it does take up capital,” he said, and added that the company is simultaneously focused on new product development and investments in engineering.
He also questioned whether buying Bitcoin would truly serve shareholders’ best interests, given that Robinhood users already have the option to buy crypto directly through the platform. “Our shareholders can also go and buy Bitcoin directly on Robinhood. So are we making that decision for them?” he said.
While acknowledging the appeal of holding digital assets, Verma said that the discussion is ongoing.
Robinhood Earnings Jump
During the earnings call, Robinhood Markets reported a major surge in its third-quarter earnings, driven by a sharp rise in cryptocurrency trading activity. The company’s crypto revenue soared 300% year-over-year to $268 million, helping total transaction-based revenue jump 129% to $730 million.
Overall, Robinhood’s total revenue for the quarter doubled to $1.27 billion, which was more than Wall Street’s forecast of $1.2 billion. Earnings per share climbed 259% to 61 cents, beating analyst expectations of 51 cents.
Robinhood’s Q3 earnings
The results certainly reflected Robinhood’s growing success when it came to expanding beyond traditional stock trading and into digital assets. It was once primarily known as a retail trading platform for equities, but Robinhood has aggressively moved into the crypto space by targeting both individual and institutional investors.
This shift has been supported by the firm’s acquisition of Bitstamp in June and its growing portfolio of crypto-related products, including tokenized stocks and prediction markets. Chief financial officer Jason Warnick said that the company’s Bitstamp and prediction market divisions are now producing more than $100 million in annualized revenue.
Shares of Robinhood (HOOD) rose 4.15% on Wednesday to close at $142.48 after the strong earnings report, though they fell slightly after hours to below $140. The stock has had a stellar year, rising more than 280% in 2025 and reaching an all-time high of $152.46 in early October before being affected by the recent crypto market downturn.
Robinhood’s share price over the past 24 hours (Source: Google Finance)
CEO Vladimir Tenev told investors during the earnings call that the company is exploring ways to expand its prediction market offerings globally and improve the interoperability of its tokenized stock products. He acknowledged that these offerings are “not as interoperable as we would like” because they are not yet fully integrated into decentralized finance systems, but said he expects that to change as cross-chain technology improves. “Over time, I do expect greater interoperability,” Tenev said.
