Key Takeaways
- Robinhood Markets announced earnings for Q3, 2025, on Wednesday, Nov. 5.
- Executives revealed that the firm is considering a Bitcoin treasury strategy.
- Many firms with crypto on their balance sheets are currently in the red.
While presenting third-quarter earnings on Wednesday, Nov. 5, Robinhood Treasurer Shiv Verma toyed with the idea of adding Bitcoin to the firm’s balance sheet.
As the firm mulls a potential Bitcoin treasury strategy, Robinhood’s crypto revenues jumped 339% in the year to Sept. 30, with the segment accounting for a fifth of its income in the quarter.
Robinhood Crypto Revenues
In Q3 2025, Robinhood’s revenue from cryptocurrency climbed to $268 million, a 67.5% quarterly increase.
Overall, transaction-based revenues increased 129% year-over-year to $730 million, driven by a “nice step-up in crypto volumes,” CFO Jason Warnick told investors.
Alongside increased trading activity, Robinhood has also expanded its support for digital assets to include tokenized stocks.
During the earnings call, CEO Vladimir Tenev outlined his vision for stock tokens, explaining that the company is only in phase one of a three-stage rollout:
“Where it really starts to get interesting is phase two and phase three,” he said, “making them available for secondary trading on Bitstamp and then eventually, them being on DeFi, where the possibilities really start to multiply.”
Bitcoin Treasury on the Cards
Asked whether Robinhood was considering adopting Bitcoin or other digital assets as part of its corporate treasury strategy, Verma was open to the prospect.
“We spend a lot of time thinking about this [and] have this debate constantly,” he told analysts.
While acknowledging the value of community alignment, he questioned whether investing in BTC would be the best use of capital.
“The short answer is, we’re still thinking about it,” Verma explained. Noting that there are pros and cons to each side, he said Robinhood would “keep actively looking at” the idea.
Crypto Treasuries Face Losses
Although digital asset treasuries have become increasingly mainstream in 2025, they do introduce volatility to corporate balance sheets.
After the crypto market soured in October, many of the companies that went all-in on Bitcoin are now sitting on unrealized losses.
Having purchased coins when BTC was performing well earlier in the year, dozens of firms, including Metaplanet and Trump Media, have seen assets fall below their purchase value.
Ethereum treasury firms face the same challenge. With the bullish energy that characterized the ETH market from April to July in the rear view for now, Bitmine and Sharplink are among those in the red.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
