Key Takeaways
Robinhood is considering adding bitcoin to its corporate treasury but remains cautious.
Digital asset revenue surged 339% in Q3 2025, reaching $268 million.
The company is expanding its digital asset strategy with a tokenized stock trading plan.
Robinhood is taking a cautious but open-minded approach to the idea of adding bitcoin to its corporate treasury.
The trading platform, known for making investing accessible to millions of retail users, has seen a major surge in its digital assets business — and that’s fueling an internal debate about whether holding bitcoin on its balance sheet makes sense.
During Robinhood’s third-quarter 2025 earnings call, CEO Vlad Tenev confirmed that the company has been evaluating the possibility of buying bitcoin as a reserve asset.
Tenev said the company has thoroughly evaluated the potential move, adding:
“If you put it on your balance sheet, it has the positives in that you’re aligned with the community, but it does take up capital. Are we making that decision for them? Is it the best use of our capital? I think the short answer is we’re still thinking about it.”
Shiv Verma, Robinhood’s Senior Vice President of Finance and Strategy — and incoming Chief Financial Officer — echoed those comments, noting that the topic comes up frequently at the company.
“We spend a lot of time thinking about this and have this debate constantly,” Verma said. “There are pros and cons to both, and it’s one that we’re gonna keep actively looking at.”
The discussion comes as Robinhood reports one of its strongest quarters for digital assets trading yet. In Q3 2025, the company’s digital asset revenue jumped 339% year-over-year to $268 million, representing about 20% of total company income.
Transaction-based revenues climbed 129% to $730 million, driven largely by higher volumes. Overall, total revenue for the quarter reached $1.27 billion, beating Wall Street expectations.
Chief Financial Officer Jason Warnick said the increase was largely due to a “nice step-up in crypto volumes.” The company now allows trading bitcoin, as well as some altcoins.
Robinhood’s success in digital assets has also fueled its broader digital asset ambitions. Tenev outlined a three-phase plan for the company’s tokenized stock program — a new product designed to bridge traditional and decentralized finance.
“Where it really starts to get interesting is phase two and phase three,” he explained, referring to upcoming stages that will enable secondary trading on Bitstamp and eventual integration with DeFi platforms.
Adding bitcoin to a corporate balance sheet isn’t new — but it remains controversial. Software firm Strategy pioneered the approach in 2020, and has since accumulated over 640,000 BTC.
Other companies, like Japan’s Metaplanet, have followed suit. Metaplanet recently took out a $100 million loan to expand its bitcoin reserves, calling it “a corporate response to a weakening yen and global monetary instability.”
Related: Metaplanet to Buy the Dip with $100 Million Bitcoin-Backed Loan
According to data from BitcoinTreasuries, publicly traded companies now hold more than 1 million BTC collectively. Analysts say it’s part of a growing trend where corporations view bitcoin as a hedge against inflation and currency risk.
Still, Verma and Tenev have both signaled caution. Verma noted that shareholders can already buy bitcoin directly through Robinhood’s platform — raising the question of whether it’s necessary for the company itself to hold it.
