Robinhood is now seriously debating whether to hold Bitcoin on its corporate balance sheet, and the conversation is happening at the top.
During its Q3 2025 earnings call event on Wednesday, Treasurer Shiv Verma told analysts the company is “still thinking about it,” when asked if Bitcoin might be part of its treasury plan.
Shiv added that:- “We spend a lot of time thinking about this and have this debate constantly,” making it clear the idea isn’t off the table. Shiv didn’t confirm any timeline, but said the team continues to “actively look at” how it could fit into the company’s future.
This comes as crypto trading continues to grow into a major part of the business. Robinhood’s crypto revenue jumped 339% in the twelve months ending September 30, with crypto now making up a fifth of total income for the quarter.
For the quarter alone, Robinhood’s crypto revenue surged 67.5% to $268 million, driven by heavier volumes, as Cryptopolitan reported. CFO Jason Warnick told investors there was a “nice step-up in crypto volumes” that helped push overall transaction-based revenue to $730 million, a 129% increase from the same time last year.
Robinhood pushes tokenized stocks while crypto-linked stocks tank
At the same earnings call, Robinhood CEO Vladimir Tenev said Robinhood has entered the early stages of a rollout to support tokenized stocks. He explained that the company is currently in “phase one,” with phase two expected to allow secondary trading on Bitstamp.
Eventually, the company wants these stock tokens to land on DeFi platforms, letting people trade tokenized shares the same way they trade other tokens on-chain. Vladimir said “where it really starts to get interesting is phase two and phase three,” but gave no hard dates for when that will happen.
Meanwhile, crypto’s October crypto downturn left many companies who already hold Bitcoin or Ethereum sitting on unrealized losses. Firms like Metaplanet and Trump Media bought their BTC positions earlier in the year when prices were stronger.
Those holdings are now worth less than what was paid. The same thing is happening on the Ethereum side. Bitmine and Sharplink also bought during the April to July rally, and are now down since that momentum vanished.
Meanwhile, Robinhood’s own stock just dropped over 10% today. It wasn’t alone. The broader crypto sector got crushed.
Investors are reacting to a mix of U.S. job numbers, renewed trade tensions, and a government shutdown that’s now stretched into day 37, the longest in history.
Coinbase sank by more than 6%, Galaxy Digital dropped 4%, and mining firms weren’t spared either.
MARA Holdings fell 3.6%, CleanSpark and Riot Blockchain lost over 5% each. Stocks linked to Bitcoin treasuries fell 6.5%, and Ethereum treasury names like BitMine Immersion and Sharplink Gaming dropped 7% and 6%, respectively.
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