Robinhood Eyes Bitcoin Treasury Bet as Crypto Revenue Explodes 339%—Wall Street Plays Catch-Up
Robinhood’s flirting with a Bitcoin treasury move—because nothing screams 'mature financial strategy' like chasing 339% crypto revenue spikes.
The zero-commission pioneer now faces its ultimate test: Will it hodl like a degenerate or fold like a traditional bank?
Meanwhile, Wall Street analysts scramble to explain how 'mom-and-pop's favorite trading app' suddenly became crypto's revenue powerhouse.
TLDR
- Robinhood is considering adding Bitcoin to its corporate balance sheet but has not made a final decision.
- The company’s crypto revenue grew 339 percent year over year, reaching $268 million in the third quarter.
- Transaction-based revenue rose 129% to $730 million, driven by higher crypto trading volumes.
- CFO Jason Warnick said the increase was due to a strong rise in crypto trading activity during the quarter.
- CEO Vladimir Tenev confirmed that Robinhood expanded into tokenized stocks as part of a three-phase rollout plan.
Robinhood is assessing whether to include Bitcoin in its balance sheet but has not reached a decision. The company’s executives shared this during its third-quarter 2025 earnings presentation on Wednesday, November 5.
Robinhood Expands Into Tokenized Stock Offerings
Robinhood reported strong growth in crypto trading during the third quarter, which lifted its overall financial results. The company’s crypto revenue rose 339% year-over-year to $268 million by September 30.
This figure represented a 67.5% increase from the previous quarter and accounted for one-fifth of its total income. Transaction-based revenues also climbed 129% to $730 million due to higher trading activity.
CFO Jason Warnick said crypto volumes supported the strong performance. “We saw a nice step-up in crypto volumes this quarter,” he told investors during the earnings call.
Robinhood expanded its product lineup to include tokenized stocks during the same period. CEO Vladimir Tenev explained that this development forms part of a three-phase rollout plan.
He said the initial phase focuses on launching the tokens, while later phases will open secondary trading and decentralized options.
“Where it really starts to get interesting is phase two and phase three,” Tenev said.
He added that future phases will enable trading through Bitstamp and eventually through decentralized finance platforms. The company expects these stages to increase flexibility for users and expand market opportunities.
Debate Over Bitcoin Treasury Strategy
Treasurer Shiv Verma confirmed that Robinhood is actively discussing whether to add bitcoin to its treasury. “We spend a lot of time thinking about this and have this debate constantly,” he told analysts.
Verma emphasized that the firm is considering both advantages and risks before taking any step.
“The short answer is, we’re still thinking about it,” he said, stressing the ongoing evaluation process.
He added that the team is aware of both the appeal of community alignment and the challenge of market volatility. The company, therefore, continues to analyze its options carefully without setting a timeline.
In 2025, more companies experimented with holding Bitcoin and ethereum in corporate reserves. However, recent market declines left several of them with unrealized losses.
Firms like Metaplanet and Trump Media saw asset values drop after buying Bitcoin earlier this year. Similarly, Ethereum holders such as Bitmine and Sharplink also faced declines as bullish momentum faded after July.
Robinhood’s leadership acknowledged these developments but maintained its measured approach. For now, the company will keep reviewing its crypto treasury strategy before committing funds to digital assets.
