Robinhood buys bitcoin: 25 million for its balance sheet
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Robinhood buys bitcoin for 25 million dollars, a move with which the US investment platform now holds BTC directly on its balance sheet. The company accompanied the move with a message seeking to clear up doubts about its orientation: "We care deeply about the entire ecosystem." The purchase comes at a time when the firm already derives a significant portion of its revenue from cryptocurrency trading. The amount is modest compared to large corporate bitcoin treasuries. It carries more weight because of who is doing it. Robinhood is not a miner or a company created to accumulate BTC. It is a broker with millions of retail customers, it is listed on the Nasdaq, and its business depends to a large extent on the public's appetite for digital assets. Stability backed by Bitcoin Until now, Robinhood's relationship with bitcoin was primarily about intermediation: it offered its users the ability to buy and sell, and charged for that service. With this acquisition, the company goes from being just the window to also being a holder of the asset, with the exposure to its volatility that entails. The phrase issued by the company points in a specific direction. By speaking of "the entire ecosystem," Robinhood seems to want to prevent the purchase from being read as an exclusive bet on bitcoin to the detriment of other networks. That makes sense: the platform lists several dozen...
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