Robinhood Buys $25 Million in Bitcoin for Its Own Balance Sheet
The purchase marks the first time Robinhood has held Bitcoin directly with company capital rather than on behalf of customers.
Robinhood has added $25 million worth of Bitcoin to its own balance sheet for the first time, the company's Senior Vice President and General Manager of Crypto and International, Johann Kerbrat, said in an interview at the Asia Digital Asset Summit, according to digitaltoday.co.kr.
The purchase is the first time Robinhood has held Bitcoin directly with company capital rather than on behalf of customers. The company did not disclose the exact quantity of Bitcoin it bought. Based on the week's average price of $84,960, $25 million works out to roughly 294 BTC.
Kerbrat said Robinhood's market capitalization is around $100 billion, and that the $25 million Bitcoin purchase will not significantly change the company's current trajectory.
Custody business dwarfs the new position
Robinhood has historically supported customer cryptocurrency trading and custody but had not held Bitcoin with company capital until now. According to on-chain analysis, the company custodies about 185,000 BTC, worth roughly $15.5 billion, on behalf of customers.
Its total cryptocurrency custody assets across multiple blockchains amount to about $25 billion.
Quick answers
How much Bitcoin did Robinhood buy?
Robinhood added $25 million worth of Bitcoin to its own balance sheet. The company did not disclose the exact quantity; at the week's average price of $84,960, that is roughly 294 BTC.
Is this Robinhood's first corporate Bitcoin purchase?
Yes. It is the first Bitcoin held directly by the company rather than on behalf of customers.
Who disclosed the purchase?
Johann Kerbrat, Robinhood's Senior Vice President and General Manager of Crypto and International, disclosed it in an interview at the Asia Digital Asset Summit.