Popular retail stock and crypto brokerage platform Robinhood Markets Inc. (NASDAQ:HOOD) has no immediate plans to invest any “meaningful amount” of corporate cash in cryptocurrency.
What Happened: Robinhood Chief Financial Officer Jason Warnick said he doesn’t see any compelling reasons to make a strategic investment in digital assets, according to a Fox Business report.
“There aren’t compelling reasons strategically for our business to put any meaningful amount of our corporate cash into cryptocurrencies,” said Warnick at The Wall Street Journal’s virtual CFO Network Summit on Wednesday.
Warnick’s comments come in spite of the fact that Robinhood made $51 million in revenue from crypto trades alone last quarter.
The Robinhood CFO’s sentiments with regards to investing company funds in crypto are shared by Twitter Inc (NYSE:TWTR) CFO Ned Segal, who has also gone on record to state that investing in cryptocurrencies “doesn’t make sense right now.”
Twenty-seven publicly traded companies hold some amount of Bitcoin (CRYPTO: BTC) on their balance sheet. This list includes Tesla Inc (NASDAQ: TSLA) and Block Inc. (NASDAQ: SQ), which hold $2 billion and $342 million in BTC, respectively.
What Else: The Robinhood CFO also addressed whether the platform would be listing popular meme-based cryptocurrency Shiba Inu (CRYPTO: SHIB) any time soon.
“It’s not lost on us that our customers and others would like to see us add more coins. We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators,” said Warnick.