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XRP Robinhood adds US$25 million in Bitcoin to corporate balance sheet
Robinhood has increased its Bitcoin position on its corporate balance sheet to US$25 million, strengthening direct exposure to the cryptocurrency space. The platform confirmed the purchase at the Token2049 conference held in Singapore on October 7. The move distinguishes Robinhood's corporate Bitcoin positions from the billions of dollars in crypto assets held by his clients.
Johann Kerbrat, Robinhood's head of cryptocurrency and international operations, disclosed the deal in an interview with The Block. He said the company invested to align its corporate strategy with the broader Bitcoin ecosystem. However, the purchases are relatively small compared to Robinhood's overall market value.
Robinhood shares fell 1.85% to close at $112 at the end of trading on Tuesday. As a result, before announcing the purchase of Bitcoin, the company's market value was approximately $100 billion. That means the $25 million allotments represent only a small portion of Robinhood's overall corporate assets.
The purchase also echoes previous discussions about adding Bitcoin directly to Robinhood's balance sheet. CEO Vlad Tenev has previously confirmed that management has considered holding cryptocurrencies as corporate assets. Today, Robinhood has joined several other listed companies that maintain Bitcoin positions in addition to customer custody.
Customers 'Bitcoin positions remain independent
Robinhood manages bitcoins held by its businesses separately from cryptocurrencies held on behalf of platform customers. The company reportedly holds nearly $25 billion in client-owned digital assets in its custody wallets. These include more than 185,000 bitcoins worth approximately $15.6 billion.
At the same time, a number of listed companies, including large treasury strategies, continue to adopt Bitcoin. Strategy (formerly MicroStrategy) purchased another 334 bitcoins between September 28 and October 4, spending approximately $28.7 million. In this latest acquisition, the company's average cost per bitcoin was US$85,838.80.
Strategy currently holds approximately 848,000 bitcoins as its long-term corporate accumulation plan continues. In contrast, Robinhood's approach is much smaller and more focused on expanding its transactions and blockchain services. Still, this new position gives Robinhood direct Bitcoin exposure outside of its existing crypto business.
Robinhood expands cryptocurrency products and blockchain services
Robinhood is also expanding its cryptocurrency product line while increasing its presence in derivatives and blockchain-based financial services. Last week, the company announced plans to launch perpetual contracts to eligible U.S. customers. The targets supported by the program cover long and short positions in a variety of major cryptocurrencies.
Supported assets include Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano, Chainlink and Hyperliquid's HYPE tokens. In addition, Robinhood has also expanded its Layer 2 blockchain, Robinhood Chain, developed based on Arbitrum technology. The network was launched on the public main network in July, with a total value of US$1.05 billion in lockups.
In addition, Robinhood provides Stock Tokens, allowing eligible users to trade tokenized stocks 24/7 through Robinhood Chain. The platform currently has approximately 28 million funds accounts, of which approximately 27 million are located in the United States.
After the news was announced, the trading price of Bitcoin was close to US$84,280, and the price fluctuated between US$83,647 and US$86,648 that day.
