Important points
- Robinhood is considering adding Bitcoin to its treasury, but remains cautious.
- Digital asset revenue increased 339% to $268 million in Q3 2025.
- The company is expanding its digital asset strategy with a tokenized stock trading plan.
Robinhood is taking a cautious but open approach to the idea of adding Bitcoin to its treasury.
The trading platform, known for giving millions of retail users access to investments, has seen a significant surge in its digital asset business, fueling internal debate over whether it makes sense to hold Bitcoin on its balance sheet.
During Robinhood’s Q3 2025 earnings call, CEO Vlad Tenev confirmed that the company is considering the possibility of purchasing Bitcoin as a reserve asset.
Tenev said the company had thoroughly evaluated the potential move, adding:
“It has the benefit of being on the balance sheet and being able to work with the community, but it costs capital. Are we making that decision for them? Is that 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, made similar comments, noting that the topic comes up frequently within the company.
“We spend a lot of time thinking about this and we discuss it all the time.” Velma said. “There are pros and cons to both, and we will continue to actively consider them.”
The discussion came as Robinhood reported one of its strongest quarters ever in digital asset trading. In Q3 2025, the company’s digital asset revenue increased 339% year over year to $268 million, accounting for approximately 20% of companywide revenue.
Transaction-based revenue increased 129% to $730 million. This was primarily due to an increase in trading volume. Overall, total revenue for the quarter reached $1.27 billion, exceeding Wall Street expectations.
Chief Financial Officer Jason Wernick said the increase was primarily due to “significant growth in crypto trading volumes.” The company currently allows trading of Bitcoin and some altcoins.
Robinhood’s success in digital assets is also accelerating its broader digital asset ambitions. Tenev outlined a three-phase plan for the company’s tokenized equity program, a new product designed to bridge traditional and decentralized finance.
“Phase 2 and Phase 3 is where things really start to get interesting.” He explained, referring to upcoming steps that will enable secondary trading on Bitstamp and eventually integration with DeFi platforms.
Adding Bitcoin to a company’s balance sheet is nothing new, but it remains controversial. Software company Strategy pioneered this approach in 2020 and has since accumulated over 640,000 BTC.
Other companies have followed suit, including Japan’s Metaplanet. Metaplanet recently took out a $100 million loan to increase its Bitcoin reserves, calling it a “corporate response to the weaker yen and global financial instability.”
Related: Metaplanet buys boost with $100 million Bitcoin-backed loan
According to data from BitcoinTreasuries, listed companies currently hold a total of more than 1 million BTC. Analysts say this is part of a growing trend for companies to view Bitcoin as a hedge against inflation and currency risks.
Still, both Verma and Tenev are wary. Verma noted that shareholders can already buy Bitcoin directly through Robinhood’s platform, raising questions about whether companies themselves need to hold Bitcoin.
