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ZEC $1,320 Robinhood adds $25 million of Bitcoin to corporate balance sheet
Robinhood put $25 million of Bitcoin on its own balance sheet, confirmed by crypto head Johann Kerbrat at Token2049 in Singapore.
Key takeaways
- The buy is small. Kerbrat said $25 million is small for Robinhood, which has a market cap near $100 billion.
- Customers hold more. Robinhood holds nearly $25 billion in customer-owned crypto, including over 185,000 BTC worth $15.6 billion.
- August volume grew. Crypto notional volume hit $17.5 billion in August, up 61% from $10.9 billion in July.
What happened
Robinhood has bought $25 million of Bitcoin to hold on its own balance sheet, the first time the platform has put the asset directly on its corporate books. Johann Kerbrat, senior vice president and general manager of crypto and international, confirmed the purchase at the Token2049 event in Singapore on Oct. 7.
Kerbrat said the purchase was meant to align Robinhood and its plans with Bitcoin and the wider crypto market. He described the $25 million as relatively small for a company of Robinhood's size, and said it would not change much about the company's current path.
The corporate position is separate from customer assets. Robinhood holds nearly $25 billion of customer-owned crypto in custody wallets, including more than 185,000 BTC worth $15.6 billion. Bitcoin traded near $84,280 at the time of writing after recovering some losses, with a 24-hour range of $83,647 to $86,648.
Why it matters
The buy puts Robinhood's own capital behind an asset that already drives a large share of its trading business. The company reported $17.5 billion in crypto notional volume in August, up 61% from $10.9 billion in July.
Kerbrat framed the $25 million as small next to Robinhood's overall size. Its Nasdaq listed shares closed 1.85% lower at $112 on Tuesday, leaving its market capitalization close to $100 billion.
The purchase comes as Robinhood widens its crypto products.
What the data shows
Robinhood's August crypto volume split between Bitstamp, at $10.1 billion, and its main app, at $7.4 billion. Funded customers reached 28.6 million and total platform assets stood at approximately $384 billion at the end of August.
Total Bitcoin futures open interest fell 0.5% to $55.19 billion in the hour before the report. Trading volume rose 16% over 24 hours as traders liquidated positions.
For comparison, Strategy bought another 334 BTC for roughly $28.7 million between Sept. 28 and Oct. 4, lifting its total Bitcoin holdings to 848,000 BTC.
Background
Robinhood CEO Vlad Tenev had earlier said the company was actively considering putting Bitcoin on the balance sheet. The platform's crypto work spans perpetual futures, tokenized stocks, Bitstamp and its Ethereum Layer 2 network, Robinhood Chain.
Kerbrat also pointed to Robinhood's recent crypto launch in the UK, which lets users manage retirements, brokerage assets and crypto in one app.
Questions readers ask
How much Bitcoin did Robinhood buy?
Robinhood bought $25 million of Bitcoin to hold directly on its corporate balance sheet. Johann Kerbrat confirmed the purchase at the Token2049 event in Singapore on Oct. 7.
Is Robinhood's Bitcoin purchase separate from customer holdings?
Yes. The corporate purchase is separate from the nearly $25 billion in customer-owned crypto assets Robinhood holds in custody wallets, which includes over 185,000 BTC worth $15.6 billion.
What is the Bitcoin price after the Robinhood purchase?
Bitcoin was trading near $84,280, with a 24-hour low and high of $83,647 and $86,648. The report said the price had recovered some losses.
How big is the purchase for Robinhood?
Kerbrat described the $25 million position as relatively small for Robinhood given the company's size. Its shares closed 1.85% lower at $112 on Tuesday, putting market capitalization close to $100 billion.
Sources · 6 publishers
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