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Robinhood Made $51M From Crypto Trades Last Quarter, Sees ‘No Reason’ To Invest Company Cash In Sector | Benzinga

Popular retail inventory and crypto brokerage platform Robinhood Markets Inc. (NASDAQ:HOOD) has no instant plans to speculate any “meaningful amount” of company money in cryptocurrency.

What Happened: Robinhood Chief Financial Officer Jason Warnick mentioned he doesn’t see any compelling causes to make a strategic funding in digital property, in keeping with a Fox Business report. 

“There aren’t compelling causes strategically for our enterprise to place any significant quantity of our company money into cryptocurrencies,” mentioned Warnick at The Wall Street Journal’s digital CFO Network Summit on Wednesday.

Warnick’s feedback come regardless of the truth that Robinhood made $51 million in income from crypto trades alone final quarter.

The Robinhood CFO’s sentiments close to investing firm funds in crypto are shared by Twitter Inc (NYSE:TWTR) CFO Ned Segal, who has additionally gone on document to state that investing in cryptocurrencies “doesn’t make sense proper now.”

Twenty-seven publicly traded corporations maintain some quantity of Bitcoin (CRYPTO: BTC) on their steadiness sheet. This record consists of Tesla Inc (NASDAQ: TSLA) and Block Inc. (NASDAQ: SQ), which maintain $2 billion and $342 million in BTC, respectively.

What Else: The Robinhood CFO additionally addressed whether or not the platform can be itemizing standard meme-based cryptocurrency Shiba Inu (CRYPTO: SHIB) any time quickly.

“It’s not misplaced on us that our prospects and others want to see us add extra cash. We’re a extremely regulated firm in a extremely regulated trade, and we predict it’s essential that we get a bit extra readability from regulators,” mentioned Warnick.

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