Robinhood Crypto Revenue Soars 300%, Wary Of DATs

Crypto revenue for the trading platform Robinhood Markets soared over 300% in the third quarter, but the company says it is not rushing to become a digital asset treasury (DAT) firm.

Robinhood’s crypto-trading revenue reached $268 million, the company’s CEO Vlad Tenev said in the firm’s third-quarter earnings call. 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 yesterday up more than 4%, though they have fallen more than 2% in after-hours trading, according to Google Finance. 

Robinhood share price (Source: Google Finance)

Robinhood Moves On Crypto Market

Robinhood has traditionally been known for its stock trading platform, but has been making strategic moves to capture crypto users in the institutional and retail markets following its acquisition of 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 those strategic moves. During the earnings call, the company’s CFO Jason Warnick said that Robinhood’s Bitstamp and prediction markets businesses “are generating approximately $100 million or more in annualized revenues.” 

Meanwhile, Tenev said the company has no intention of slowing down its expansion.

“Prediction Markets are growing rapidly, Robinhood Banking is starting to roll out, and Robinhood Ventures is coming,” he said.

Robinhood Wary Of Joining 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 that Robinhood’s finance team still needs to weigh 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 please users, it will tie up capital that could be deployed elsewhere. 

He also pointed out that shareholders can buy Bitcoin directly on Robinhood, which gives them direct exposure as opposed to using Robinhood’s shares as a proxy for BTC exposure. 

“We have this debate constantly, and I think the short answer is we’re still thinking about it,” he said. “There’s pros and cons to both of it. It’s one that we’re going to keep actively looking at.”

Stock Prices For DAT Firms Plummet

The hype around crypto treasury firms has cooled in recent months as the firms see plunging share prices.

Strategy’s MSTR stock has plunged over 29% in the past month, while Japan-based Metaplanet has slumped 28% and leading Ethereum treasury firm BitMine Immersion Technologies nosedived 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 disclosed buying 397 BTC for around $45.6 million. 

Strategy has acquired 397 BTC for ~$45.6 million at ~$114,771 per bitcoin and has achieved BTC Yield of 26.1% YTD 2025. As of 11/2/2025, we hodl 641,205 $BTC acquired for ~$47.49 billion at ~$74,057 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/yJfoyeNzCm

— Strategy (@Strategy) November 3, 2025

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