Robinhood has added $25 million worth of Bitcoin (BTC) to its corporate balance sheet. The trading platform framed the purchase as a statement of commitment to crypto, not a bet on returns.

Less than a year ago, however, Robinhood’s incoming finance chief publicly doubted that holding Bitcoin was a sensible use of company cash.

What Changed Behind the Robinhood Bitcoin Buy?

Johann Kerbrat, Robinhood’s senior vice president and general manager of crypto and international, disclosed the purchase on Wednesday. He spoke during a livestreamed interview broadcast on X.

In November 2025, Shiv Verma, then Robinhood’s incoming chief financial officer (CFO), weighed the same idea. Verma also named alignment with the crypto community as a benefit, but raised a sharper question.

“Is it the best use of our capital? There’s a lot of different things you’re doing, you know, from new products, for growth, investing in engineering.”
Shiv Verma, Robinhood, November 2025 interview
Verma, who has since stepped into the CFO role, said at the time that the company would keep reviewing the pros and cons.

How Much Does $25 Million Mean for a $100 Billion Company?

Kerbrat acknowledged the stake is small. He said it would do little to change the trajectory of a company valued near $100 billion.

At Bitcoin’s current price of $85,582, the purchase equals roughly 292 BTC. Robinhood has not disclosed the exact number of coins.

The stake also represents about 0.025% of Robinhood’s market value.

By comparison, Strategy spent $28.7 million on 334 BTC between October 1 and 4, according to its filing. That purchase lifted its holdings to 848,000 BTC.

Meanwhile, Robinhood’s own crypto business has cooled. Cryptocurrency revenue fell 38% year-over-year to $100 million in the second quarter, according to company results.

Total revenue, in contrast, rose 32% to a record $1.31 billion.

Robinhood (HOOD) shares closed Tuesday at $112, down 1.85%. The stock extended losses in Wednesday’s pre-market session, according to TipRanks.

Is Bitcoin Only One Piece of a Wider Crypto Bet?

The Bitcoin purchase sits alongside a broader on-chain expansion. Robinhood Chain, the company’s layer-2 network built on Arbitrum technology, launched its public mainnet on July 1.

The network now holds $1.047 billion in total value locked (TVL), according to DefiLlama. TVL measures the assets deposited in a network’s applications.

Robinhood Chain total value locked since its July mainnet launch / Source: DefiLlama

The chain crossed $1 billion roughly 80 days after launch. Growth has since slowed, with TVL holding between $1 billion and $1.05 billion since late September.

Robinhood also plans perpetual futures for eligible US customers, with up to 10x leverage on BTC and ETH. The company unveiled them last week alongside its in-app AI agents.

Unlike treasury firms that issue stock to keep stacking coins, Robinhood is spending a token sum to signal loyalty. Its next quarterly filing should confirm the exact holdings and show whether further purchases follow.

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