Robinhood Crypto Revenue Soars 300%, Beware of DAT

Trading platform Robinhood Markets’ crypto revenue soared more than 300% in the third quarter, but the company says it’s not rushing 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. call for results. Overall, transaction-based revenue increased 129% from the same period last year to $730 million.

The company’s earnings per share rose 259% to 61 cents, beating analysts’ expectations of 51 cents.

Shares of Robinhood closed up more than 4% yesterday, although they were down more than 2% after hours, according to Google Finance.

Robinhood stock price (Source: Google Finance)

Robinhood launches into the crypto market

Robinhood is traditionally known for its stock trading platform, but has made strategic moves to capture crypto users in institutional and retail markets after its acquisition of crypto exchange Bitstamp earlier this year.

Robinhood also launched tokenized stocks and prediction markets.

The sharp rise in Robinhood’s cryptocurrency trading activities is due to these strategic moves. During the earnings call, the company’s CFO Jason Warnick said Robinhood’s Bitstamp and prediction markets businesses “generate approximately $100 million or more in annualized revenue.”

At the same time, 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 wary of joining the digital asset treasury trend

But the company is reluctant to add cryptos to its balance sheet. New CFO Shiv Verma, who will succeed Warnick in the first quarter of 2026, said Robinhood’s finance team still needs to determine whether adding digital assets to the company’s balance sheet is a good use of capital for investors.

Verma said that while holding crypto tokens on the company’s balance sheet may appeal to 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 instead of using Robinhood shares as a proxy for BTC exposure.

“We have 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. This is something we will continue to actively review.”

Stock prices of DAT companies fall

The hype around crypto treasury companies has died down in recent months as the companies see falling stock prices.

Strategy’s MSTR stock has plunged more than 29% over the past month, while Japan’s Metaplanet has fallen 28% and leading Ethereum treasury company BitMine Immersion Technologies has plunged more than 34%.

Still, that hasn’t stopped market leader Strategy from buying more Bitcoin.

His most recent purchase was announced earlier this week, when he revealed the purchase of 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% since the start of 2025. As of 02/11/2025 we held 641,205 BTC. $BTC acquired for ~$47.49 billion at ~$74,057 per bitcoin. $MSTR $STRC $STRK $STRF $STRD

– Strategy (@Strategy) November 3, 2025

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