Crypto revenue for trading platform Robinhood Markets rose more than 300% in the third quarter, but the company says it is in no rush to become a digital asset treasury (DAT) company.
Robinhood’s crypto trading revenue reached $268 million, company CEO Vlad Tenev said in the company’s third-quarter earnings call. revenue calling. Overall, transaction-based revenues increased 129% from the same period last year to $730 million.
The company’s earnings per share rose 259% to 61 cents, beating analyst expectations of 51 cents.
Robinhood shares closed more than 4% higher yesterday, although they are down more than 2% in after-hours trading, according to Google Finance.
Robinhood stock price (Source: Google Finance)
Robinhood is moving further into the crypto market
Traditionally known for its stock trading platform, Robinhood has made strategic moves to capture crypto users in the institutional and retail markets after acquiring crypto exchange Bitstamp earlier this year.
Robinhood has also launched tokenized stocks and prediction markets.
The strong uptick in Robinhood’s crypto trading business is due to these strategic moves. During the earnings call, company CFO Jason Warnick said Robinhood’s Bitstamp and prediction markets businesses “generate approximately $100 million or more in annualized revenue.”
Meanwhile, Tenev said the company has no plans to slow down its expansion.
“Prediction markets are growing rapidly, Robinhood Banking is starting to roll out and Robinhood Ventures is coming,” he said.
Robinhood is wary of joining the Digital Asset Treasury trend
But the company is wary of adding cryptos to its balance sheet. Incoming CFO Shiv Verma, who will take over from Warnick in the first quarter of 2026, said Robinhood’s finance team is still weighing whether adding digital assets to the company’s balance sheet is the right use of capital for investors.
Verma said that while holding crypto tokens on the company’s balance sheet may satisfy users, it will tie up capital that could be deployed elsewhere.
He also pointed out that shareholders can purchase Bitcoin directly on Robinhood, giving them direct exposure, rather than using Robinhood’s stock as a proxy for BTC exposure.
“We’re having this debate all the time, and I think the short answer is we’re still thinking about it,” he said. “There are pros and cons to both. It’s one that we continue to actively look at.”
Stock prices for DAT companies plummet
The hype surrounding crypto treasury companies has cooled in recent months as the companies see their stock prices plummet.
Strategy’s MSTR shares are down more than 29% in the past month, while Japan-based Metaplanet is down 28% and leading Ethereum treasury company BitMine Immersion Technologies dives more than 34%.
Still, it hasn’t stopped market leader Strategy from buying more Bitcoin.
Its most recent purchase was announced earlier this week, when it announced that it had purchased 397 BTC for approximately $45.6 million.
Strategy acquired 397 BTC for ~$45.6 million at ~$114,771 per bitcoin and achieved a BTC return of 26.1% YTD 2025. On 11/2/2025 we had raised 641,205. $BTC purchased for ~$47.49 billion at ~$74,057 per bitcoin. $mstrer $StrC $STRK $STRF $STRD https://t.co/yJfoyeNzCm
— Strategy (@Strategy) November 3, 2025
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