Mentioned:
Robinhood is doing something new: buying Bitcoin.
What’s happening:
- Robinhood (NASDAQ: HOOD) has purchased $25M USD of Bitcoin
Why it matters:
- This is the first time that Robinhood has made a purchase of Bitcoin to hold directly as an asset
Going deeper:
- Robinhood has been continuing to expand their ambitions in crypto lately, including notably launching their own blockchain known as Robinhood Chain to tokenize stocks, ETFs and other assets for 24/7 global trading
- Robinhood also previously completed their acquisition of Canadian digital asset company WonderFi Technologies for $250M CAD and took over their crypto trading platforms Bitbuy and Coinsquare which have more than $2B CAD in assets under custody
The fine print:
- Robinhood’s $25M USD Bitcoin purchase represents less than 1% of their total cash position of $5.4B USD as of their last quarter
