Robinhood has discussed the possibility of owning bitcoin, but has no plans to do so yet.
Although the company does not own #bitcoin , Robinhood's share price is closely correlated with the cryptocurrency's performance.
#Robinhood intends to take a conservative approach to #digital assets, but plans to increase its presence in the market by acquiring Bitstamp.
Robinhood CEO Vlad Tenev recently discussed the possibility of keeping bitcoin as part of the trading platform's retained earnings. He stated that such a possibility has been discussed many times within the company. However, he made it clear that Robinhood has no plans to do so at the moment. While the idea of holding bitcoins has surfaced from time to time, as the company has become increasingly interested in cryptocurrencies, it seems to be more focused on offering its customers services to buy and sell digital assets.
We're not ruling it out. We are not doing that at the moment. We don't do investment management, he added.
Although Robinhood is not following the example of large companies like MicroStrategy or Tesla that buy bitcoins and hold them on their balance sheets, Tenev said that cryptocurrencies He emphasized that Robinhood's share price is already highly correlated with bitcoin, even without holding it in treasury. This is due to the growing correlation between the #cryptocurrency market and shares of trading platforms like Robinhood. The company's stock price has risen 202% this year, while bitcoin has risen 110%.
Although the company does not hold bitcoin, Robinhood's stock price performance is influenced by developments in the cryptocurrency market and reflects the growing crossover between traditional trading platforms and digital assets. However, Tenev also notes that the bitcoin acquisition could complicate the company's image among investors.
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