Robinhood Avoids Piling Into Digital Asset Treasuries Despite the Hype — Here’s Why

Robinhood is not jumping to join companies putting crypto on their balance sheets, signaling a wait-and-see approach even as the treasury playbook spreads across public ￰1￱ the third-quarter earnings call , incoming CFO Shiv Verma said the company is “still thinking about it.” He noted that Robinhood values “alignment with the community” and is a major venue for crypto trading. Yet, the finance team must weigh whether adding Bitcoin or other tokens to the balance sheet is the right use of capital for shareholders. Robinhood’s broader crypto business, meanwhile, continues to ￰2￱ trading platform reported that Q3 transaction-based revenue climbed 129% from a year earlier to $730m, powered by a sharp rebound in digital asset ￰3￱ revenue reached $268m, up more than 300% year-on-year, helping the company surpass Wall Street earnings ￰4￱ DATs Expand, Robinhood Focuses On Flexibility Over Hype Further, Verma sketched the ￰5￱ tokens may please users, he said, but it ties up capital that could be deployed ￰6￱ pointed out that shareholders can buy Bitcoin directly on ￰7￱ short version, he added, is that there are pros and cons, and the company will keep evaluating the ￰8￱ stance contrasts with the rise of digital asset treasury companies, or DATs.

MicroStrategy’s playbook, which included convertible notes, at-the-market equity sales and preferred stock to fund ongoing purchases, helped build a reported Bitcoin stash worth more than $70b by ￰9￱ model inspired followers such as Metaplanet in Japan and Semler Scientific in the ￰10￱ Say Treasury Crypto Rush Risks Becoming An Exit Strategy For Insiders By industry tallies, corporate holdings have grown sharply since 2020, spreading from a handful of early movers to more than a hundred ￰11￱ remain dominated by Bitcoin, while some treasuries have added Ether and Solana as liquidity ￰12￱ professor @malekanoms calls digital asset treasuries "extraction schemes" as Bitcoin drops below $100K and crypto loses $1 trillion in value. #Bitcoin #DATs ￰0￱ — ￰13￱ (@cryptonews) November 5, 2025 Not everyone is ￰14￱ Business School’s Omid Malekan recently argued that digital asset treasuries have morphed into a “mass extraction and exit event,” saying some programs appear designed to enrich insiders rather than build lasting ￰15￱ pointed to promotional decks heavy on buzzwords and thin on detail, alongside pressure tactics during ￰16￱ context has turned tougher as ￰17￱ slipped below $100,000 this week for the first time since June and, at about 20% off its October peak, entered a technical bear ￰18￱ crypto market value has fallen by more than $1 trillion from the highs, a backdrop that makes balance sheet bets harder to justify for boards and risk committees.

Robinhood’s Strategy Centers On Capital Efficiency As Treasury Flows Stall Liquidity from corporate buyers also looks patchier. Coinbase’s David Duong said activity from treasury buyers has been quiet since the Oct. 10 drawdown, describing a lull in purchases over the past two weeks and a lack of clear ￰19￱ Robinhood, the calculus leans toward ￰20￱ firm already earns trading and custody revenues without taking price risk on its own balance sheet. Verma’s comments suggest management wants flexibility to deploy capital into growth initiatives, while keeping the door open if conditions or strategy ￰21￱ alignment remains the ￰22￱ said the team weighs whether holding tokens is the “best use of our capital,” and repeated that customers who want exposure can buy directly through the platform.