PANews reported on December 24 that according to The Block, in an interview released on Monday, Vladimir Tenev, CEO of stock and cryptocurrency trading platform Robinhood, said that despite the increasing importance of cryptocurrency to the company, Robinhood currently has no plans to hold Bitcoin for investment.
Tenev noted that the idea of holding Bitcoin "has been mentioned from time to time" due to Robinhood's growing interest in cryptocurrencies. But he added that in addition to holding some cryptocurrencies to meet customer trading needs, Robinhood has no plans to hold Bitcoin as an investment. He said: "We haven't ruled it out, but we haven't done it yet. After all, we are not in the investment management business."
Tenev went on to say that while Robinhood does not include Bitcoin on its balance sheet like companies like MicroStrategy and Tesla, its stock price "is already highly correlated to Bitcoin, and we don't even hold it financially yet"; if Robinhood holds Bitcoin for investment purposes, it could "complicate" investors' view of the company, causing them to potentially view it as a "company similar to a Bitcoin holder."
