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 markets.
The trading platform reported that Q3 transaction-based revenue climbed 129% from a year earlier to $730m, powered by a sharp rebound in digital asset activity. Crypto revenue reached $268m, up more than 300% year-on-year, helping the company surpass Wall Street earnings forecasts.
That model inspired followers such as Metaplanet in Japan and Semler Scientific in the US.
Further, Verma sketched the trade-offs. Holding tokens may please users, he said, but it ties up capital that could be deployed elsewhere. He pointed out that shareholders can buy Bitcoin directly on Robinhood. The short version, he added, is that there are pros and cons, and the company will keep evaluating the idea.
Not everyone is convinced. Columbia 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 value.
By industry tallies, corporate holdings have grown sharply since 2020, spreading from a handful of early movers to more than a hundred firms. Allocations remain dominated by Bitcoin, while some treasuries have added Ether and Solana as liquidity improved.
Total 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.
Market context has turned tougher as well. Bitcoin slipped below $100,000 this week for the first time since June and, at about 20% off its October peak, entered a technical bear market.
