Robinhood CEO Vlad Tenev Says Open To Holding Bitcoin For Investment Purposes But It Could 'Complicate' Things For Investors
Robinhood Markets Inc. (NASDAQ:HOOD) CEO Vladimir Tenev said Monday that the company doesn’t rule out the prospect of holding Bitcoin (CRYPTO: BTC) on the balance sheet for investment purposes, but there are some factors to consider.
What Happened: In an interview with Anthony Pompliano, a well-known cryptocurrency advocate, Tenev indicated that the idea came up due to the company’s growing involvement in the cryptocurrency space.
He said that the company buys cryptocurrencies for its core trading business. “We have to do the work of accounting for it, and it’s essentially on the balance sheet anyway, so there’s a real reason for it,” the CEO added.
On the question of solely holding Bitcoin for investment purposes, Tenev argued that this could possibly “complicate” things for public market investors. “You’re thinking about RobinHood as a company, generally speaking. Not like it complicates the picture to think of it as like a company, but also this quasi-Bitcoin holding play.”
Tenev emphasized that Robinhood stock is already highly correlated to Bitcoin even without the firm holding the asset on its books.
“So I would say we wouldn’t rule it out. We haven’t done it thus far but those are the kind of considerations we have,” he added.
Why It Matters: The remarks by the CEO come amid sharp growth in the company’s cryptocurrency arm.
Robinhood reported a twofold surge in cryptocurrency volumes in the third quarter. The surge in volumes helped power cryptocurrency-related revenue by 165% year-over-year.
Robinhood also held $19.45 billion worth of user cryptocurrencies as part of a safeguarding obligation.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,903.34, down 0.09% in the last 24 hours, according to data from Benzinga Pro.
Shares of Robinhood closed 2.17% lower at $37.50 during Monday’s regular session. The stock has a consensus price target of $38.19 based on the ratings of 16 analysts. The highest is $55, issued by Morgan Stanley on Nov. 25, and the lohttps://www.benzinga.com/quote/HOOD/analyst-ratingsw is $11, issued by Barclays on Feb. 14.
Courtesy of Robinhood Markets, Inc.
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Posted-In: Anthony Pompliano Robinhood Markets Inc Vladimir TenevCryptocurrency News Markets
