Summary
- Robinhood said it has added $25 million of Bitcoin (BTC) to its treasury assets.
- The company said the move puts Robinhood among publicly traded companies that hold Bitcoin as a treasury asset.
- Robinhood said it has been actively expanding its cryptocurrency and blockchain businesses, including the launch of its own Layer 2 blockchain, Robinhood Chain.
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Robinhood, the U.S. stock-trading platform, has added $25 million of Bitcoin to its treasury assets.
Johann Kerbrat, Robinhood's senior vice president for crypto and global business, disclosed the move at the Digital Asset Summit Asia conference in Singapore on Oct. 7, CoinDesk reported.
Kerbrat said the decision underscores Robinhood's interest in the Bitcoin ecosystem. He added that with Robinhood's market capitalization at $100 billion, a $25 million Bitcoin holding would not materially change the company's overall growth trajectory.
The move makes Robinhood one of the publicly traded companies that hold Bitcoin as a treasury asset. Since Strategy adopted a Bitcoin-based treasury strategy in 2020, Tesla, Block and other listed companies have also added Bitcoin to their balance sheets.
Robinhood has also been actively expanding its cryptocurrency and blockchain businesses. In July, it launched its own Layer 2 blockchain, Robinhood Chain. With more than 28 million users, Robinhood is no stranger to the crypto sector, CoinDesk said.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul