📢 Robinhood CEO: Does Not Rule Out the Possibility of Using Bitcoin Reserves, Company Stock Price has Become Highly Correlated with BTC
Vlad Tenev, CEO of the well-known online brokerage Robinhood, stated in an interview this week that the company occasionally considers the idea of holding Bitcoin on its balance sheet. Although there are currently no plans to hold Bitcoin 'for investment purposes,' the possibility is not ruled out.
Tenev pointed out that while Robinhood has not accumulated Bitcoin on its balance sheet for investment purposes like MicroStrategy or Tesla, the company's stock price 'has already become highly correlated with Bitcoin.'
Since the election day in November, Robinhood's stock price has soared over 25%, up more than 203% year-to-date, while Bitcoin's increase from the beginning of the year to now is about 113%.
Although Robinhood does not hold Bitcoin for investment purposes, according to Arkham data, one of Robinhood's cold wallets is currently holding 140,575 BTC, worth $13.22 billion, making it the third largest Bitcoin wallet holder, only behind Binance and Bitfinex.
Analysts expect that Robinhood's conservative cryptocurrency business strategy may undergo significant changes after Trump takes office.
Bernstein analysts predict that by the end of 2025, Robinhood's cryptocurrency revenue will grow by 20%, accounting for 38% of the platform's total revenue.
Robinhood also plans to complete the acquisition of the Bitstamp exchange in the first half of 2025.