1 week Ago By Aniket Verma
Robinhood Markets Inc. HOOD CEO Vladimir Tenev said Monday that the company doesn’t rule out the prospect of holding Bitcoin BTC/USD on the balance sheet for investment purposes, but there are some factors to consider. What Happened : In an interview with Anthony Pompliano , a well-known cryptocurrency advocate, Tenev indicated that the idea came up due to the company’s growing involvement in the cryptocurrency space.
He said that the company buys cryptocurrencies for its core trading business. “We have to do the work of accounting for it, and it’s essentially on the balance sheet anyway, so there’s a real reason for it,” the CEO added. On the question of solely holding Bitcoin for investment purposes, Tenev argued that this could possibly “complicate” things for public market investors.
“You’re thinking about RobinHood as a company, generally speaking. Not like it complicates the picture to think of it as like a company, but also this quasi-Bitcoin holding play.” I sat down with Robinhood CEO @vladtenev to discuss the company's growth, their new crypto product, whether they will put bitcoin on their balance sheet, how financial markets are evolving, changes in regulation, and the future of the company.
YouTube: https://t.co/CcvzTrI5qV ..
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com/u79l0pE9bS Tenev emphasized that Robinhood stock is already highly correlated to Bitcoin even without the firm holding the asset on its books. “So I would say we wouldn’t rule it out. We haven’t done it thus far but those are the kind of considerations we have,” he added.
See Also: Exclusive Insights: Founders Of Polygon, SkyBridge, Custodia, WonderFi & Cardone Bullish On BTC in 2025 Why It Matters : The remarks by the CEO come amid sharp growth in the company’s cryptocurrency arm. Robinhood reported a twofold surge in cryptocurrency volumes in the third quarter. The surge in volumes helped power cryptocurrency-related revenue by 165% year-over-year.
Robinhood also held $19.45 billion worth of user cryptocurrencies as part of a safeguarding obligation. Price Action : At the time of writing, Bitcoin was exchanging hands at $93,903.
34, down 0.09% in the last 24 hours, according to data from Benzinga Pro . Shares of Robinhood closed 2.
17% lower at $37.50 during Monday’s regular session. The stock has a consensus price target of $38.
19 based on the ratings of 16 analysts. The highest is $55, issued by Morgan Stanley on Nov. 25, and the lo https://www.
benzinga.com/quote/HOOD/analyst-ratings w is $11, issued by Barclays on Feb. 14.
Courtesy of Robinhood Markets, Inc. Read Next: MicroStrategy Sinks After Nasdaq 100 Inclusion: Bitcoin Bet Under Fire? © 2024 Benzinga.com.
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