Robinhood Markets (NASDAQ: HOOD), the popular commission-free trading platform, is actively evaluating the addition of Bitcoin (BTC) to its corporate treasury as of its Q3 2025 earnings call on November 5, 2025.
This comes amid a massive surge in the company’s crypto-related revenues, highlighting its deepening ties to digital assets. While no final decision has been made, executives emphasized a balanced debate on the pros via alignment with the crypto community and cons like capital allocation and volatility risks.
CEO Vlad Tenev stated the company is “still thinking about it,” noting that holding BTC could align Robinhood with its user base but raises questions about whether it’s the “best use of our capital.”
Incoming CFO Shiv Verma SVP of Finance and Strategy described ongoing internal discussions: “We spend a lot of time thinking about this and have this debate constantly… We like being aligned with the community… but shareholders can already buy BTC on Robinhood. Should we make that decision for them?”
The firm is “keeping it on the table” but prioritizing EPS growth and long-term shareholder value over immediate adoption. Robinhood’s crypto segment is booming, fueled by broader market enthusiasm and platform expansions.
Crypto transaction revenues jumped 339% year-over-year to $268 million in Q3 2025, contributing to total revenues of $1.27 billion up significantly from prior quarters. The company reported strong growth in prediction markets ($100 million in Q3) and international expansion (e.g., UK and EU markets).
HOOD shares fell nearly 11% on November 6, 2025, despite year-to-date gains of over 240%, possibly reflecting broader market volatility rather than the treasury news. This mirrors a 2025 wave of “digital asset treasuries” (DATs), with public companies holding 1.05 million BTC collectively.
Examples include MicroStrategy (641,205 BTC) and Metaplanet (31,000 BTC). However, experts warn of risks like unrealized losses during downturns (e.g., October 2025’s market dip). Beyond treasuries, the company is advancing tokenized stocks, secondary trading on Bitstamp, and DeFi integrations.
CEO Tenev aims for over 50% of revenues from non-U.S. sources in the next decade, positioning Robinhood as a “global financial ecosystem.” Firms like Bernstein forecast a 12% stock rise to ~$160 from $142, citing confidence in Robinhood’s crypto pivot.
On X, the news sparked quick reactions, blending optimism with skepticism: Posts highlighted Verma’s cautious tone, with users debating BTC’s role as a “mainstream treasury choice.” Crypto news aggregators like CryptoDiffer included it in daily roundups alongside events like Google’s Polymarket integration.
Broader sentiment ties it to endorsements from figures like Scottie Pippen, underscoring BTC’s shift from speculation to reserve asset. If Robinhood proceeds, it could normalize corporate BTC holdings further and boost indirect exposure for shareholders via HOOD stock.
Adopting BTC could leverage Robinhood’s crypto momentum, enhancing its tokenized stock program, Bitstamp secondary trading, and DeFi integrations. CEO Vlad Tenev envisions >50% of revenues from non-U.S. sources in a decade, with crypto as a core pillar—potentially accelerating EPS growth.
BTC holdings introduce unrealized losses during downturns, as seen in October 2025’s market dip. Firms like Metaplanet (31,000 BTC) and Trump Media faced sharp asset value drops, tying up capital and conflicting with priorities like prediction markets ($100M in Q3).
Executives question if BTC is the “best use of capital” versus reinvesting in user growth or international expansion. A clear disclosure framework could mitigate governance risks but might divert funds from stable assets.
Kazakhstan Announces Plans for $1 Billion National Crypto Reserve Fund
Kazakhstan is gearing up to establish a national cryptocurrency reserve fund valued between $500 million and $1 billion, with a launch targeted for early 2026. This initiative, first teased by officials in mid-2024, represents a major step in integrating digital assets into the country’s sovereign wealth strategy, aiming to diversify beyond its traditional reliance on oil exports.
The reserve will be seeded primarily with seized or repatriated cryptocurrency assets from recent crackdowns on money laundering schemes, which netted $16.7 million in crypto from 130 platforms, proceeds from state-backed mining operations, and potentially portions of the National Fund’s assets, gold, and foreign exchange reserves.
To mitigate risks like volatility and custody issues, the fund will avoid direct holdings of cryptocurrencies. Instead, it will allocate capital to crypto-related ETFs and shares in digital asset companies, providing indirect exposure to the sector’s growth.
Officials, including National Bank Deputy Chairman Berik Sholpankulov, expect the fund to be operational by year-end 2025 or January 2026. Sholpankulov stated during a parliamentary session: “I think by year end, January next year, we will have it up and running.”
President Kassym-Jomart Tokayev has championed this as part of building a “full-fledged ecosystem of digital assets.” It aligns with broader reforms to position Kazakhstan as a Central Asian fintech hub, leveraging its existing crypto mining infrastructure and recent launches like the Alem Crypto Fund which made its first investment in Binance Coin.
Kazakhstan has been a crypto-friendly jurisdiction since 2022, attracting miners with cheap energy and clear regulations after the 2021 China ban. This reserve fund builds on that momentum, following similar sovereign experiments elsewhere (e.g., U.S. and European use of seized assets for regulated investments).
On X (formerly Twitter), the news has sparked buzz, with users highlighting its potential to boost institutional Bitcoin flows and signal global confidence in crypto as a reserve asset.
This development could accelerate Kazakhstan’s pivot to tech-driven growth, though central bank Governor Timur Suleimenov has cautioned about crypto’s high volatility, emphasizing careful allocation. As of November 7, 2025, the plan remains in discussion but is advancing rapidly.
The Alem Crypto Fund is Kazakhstan’s pioneering state-backed investment vehicle dedicated to long-term holdings in digital assets. Launched in late September 2025, it serves as a strategic reserve to diversify the nation’s financial portfolio beyond traditional commodities like oil and gold, while fostering blockchain innovation.
The fund operates within a regulated framework, emphasizing transparency, security, and compliance to position Kazakhstan as a Central Asian hub for crypto finance. Unlike direct crypto purchases for speculation, Alem focuses on building stable, utility-driven reserves to support economic growth and institutional adoption.
Overseen by Qazaqstan Venture Group and registered under the Astana International Financial Centre (AIFC), with regulatory supervision from the Astana Financial Services Authority (AFSA).
While exact initial capital isn’t publicly disclosed, it’s designed for long-term accumulation, potentially drawing from state revenues, including crypto mining profits and seized assets. Some reports speculate a target size up to $500 million, aligning with broader national reserve plans.
Governance: Operates as a sovereign wealth-style fund, with allocations guided by risk management principles similar to global peers (e.g., Norway’s oil fund or U.S. strategic reserves). Deputy Prime Minister Zhaslan Madiyev described it as “a reliable instrument for major investors,” highlighting its role in advancing digital finance.
Alem Crypto Fund prioritizes diversified, low-volatility exposure to digital assets, avoiding direct holdings of highly speculative tokens. Instead, it targets assets with proven utility, such as those enabling transactions, staking, and ecosystem governance.
The strategy mirrors institutional approaches, using regulated partnerships for custody and execution to mitigate risks like market swings and hacks. Long-term reserves in utility tokens, blockchain infrastructure, and potentially crypto ETFs or equities.
Custody via licensed partners; emphasis on compliant, insured storage (e.g., multisig wallets, cold storage). Balance between major cryptos (e.g., BTC, ETH), stablecoins, and altcoins with real-world applications; future rotations based on performance and regulations.
High-growth potential balanced against volatility; Central Bank Governor Timur Suleimenov noted “no need to rush” due to crypto’s risks. The fund’s first acquisition was BNB, the native token of the BNB Chain, valued for its role in transaction fees, staking rewards, and network governance on Binance’s ecosystem.
The exact amount wasn’t disclosed, but it signals confidence in scalable, utility-focused blockchains over pure store-of-value assets like Bitcoin. Binance Kazakhstan, a licensed AIFC entity, handles custody and execution. This builds on a 2022 memorandum signed by former Binance CEO Changpeng Zhao (CZ) with Kazakhstan’s Ministry of Digital Development.
Binance Kazakhstan GM Nurkhat Kushimov called it “a new chapter for institutional recognition of cryptocurrencies in Kazakhstan.” Kazakhstan’s crypto journey accelerated post-2021 China mining ban, making it a global hashrate leader (second in Bitcoin mining by 2021).
President Kassym-Jomart Tokayev’s push for a “full-fledged ecosystem of digital assets” ties Alem to larger reforms, including a proposed $1B national crypto reserve by early 2026 funded partly by seized assets. This fund isn’t a central bank reserve but a precursor, echoing global trends like El Salvador’s Bitcoin adoption or UAE’s virtual asset frameworks.
