Robinhood Stays Cautious on Digital Asset Treasuries — Steering Clear of the Hype

Robinhood CFO Jason Warnick doubled down on crypto abstinence yesterday, telling Bloomberg TV the firm has zero plans to park corporate cash in Bitcoin or tokenized treasuries—despite rivals stacking sats like it’s 2021.

“We’re not MicroStrategy,” Warnick quipped. “Our treasury is for liquidity and buybacks, not moonshots.” Robinhood’s $9.2 bn cash pile stays 100% in short-dated T-bills and money-market funds, per Q3 filings.

The stance bucks a red-hot trend: MicroStrategy now holds 252,220 BTC ($25.6 bn), Tesla reactivated its wallet last month, and Block’s Cash App added 1,100 BTC to reserves in October. Tokenized T-bills on BlackRock’s BUIDL fund crossed $2.1 bn AUM—up 340% YTD.

Robinhood’s caution cites three red flags:

1. Regulatory fog – SEC vs. CFTC turf war delays corporate crypto accounting relief until 2026.
2. Volatility tax – A 30% BTC drawdown would trigger margin calls on the firm’s $3 bn revolver.
3. Customer focus – 82% of Q3 revenue came from crypto trading fees; treasury bets could spook retail users.

Analysts split: Bernstein’s Harshita Rawat calls it “prudent capital allocation” and keeps an Outperform rating (target $48). CFRA’s Michael Elliott warns “missing the boat” could cap upside if Bitcoin hits $150K.

Stock reaction: HOOD dipped 1.8% to $36.40 in after-hours, underperforming Coinbase’s 2.1% gain. Bitcoin treasury ETF (BTCO) rose 4.3% on the snub—short squeeze in play.

Bottom line: Robinhood corporate treasury strategy stays boring on purpose. When SAB 121 finally dies, expect a flip—but not a second sooner.Search Robinhood Bitcoin treasury or corporate crypto holdings 2025 for live comparisons.