Robinhood has added $25 million worth of bitcoin to its balance sheet. Johann Kerbrat, a senior vice president who is also general manager of Robinhood’s crypto and international businesses, reportedly told The Block that the purchase was meant to show Robinhood’s commitment to the crypto sector.
“We care deeply about bitcoin and the ecosystem around it,” Kerbrat said. “For us, it’s more aligning our company and our vision with the crypto community.”
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Modest Next to Robinhood’s Size
Kerbrat described the amount as small for a company of Robinhood’s scale. He pointed to a market capitalization of around $100 billion and said “the $25 million worth of bitcoin is not going to change a lot of the current trajectory of the company.”
Strategy, which holds bitcoin as a treasury asset, reported on Monday that it bought 334 bitcoin for about $28.7 million between Oct. 1 and Oct. 4, an average of $85,838.80 per coin, lifting its holdings to 848,000 BTC.
Part of a Wider Crypto Push
Robinhood announced on Sept. 29 that it plans to offer perpetual futures to eligible US customers in the coming months through Bitstamp. The product is to carry up to 10x leverage on bitcoin and ether, 3x on other assets, and a 0.01% fee on each trade until year-end. CEO Vlad Tenev said on X the contracts have “No expiry, with P&L settled every 15 minutes.”
The company also launched the public mainnet of Robinhood Chain in July. Kerbrat told The Block that Robinhood has 28 million funded accounts, 27 million of them in the US, and that its wallet, the official wallet for Robinhood Chain, is available in more than 120 countries.
Related Listen: Inside the Coldcard Hack That Drained Over $100 Million in Bitcoin: Uneasy Money
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