news 
Robinhood CEO says ‘NO’ to Bitcoin as strategic asset, Details
In a shocking move, Robinhood’s CEO has revealed that the company will not be holding onto Bitcoin (BTC) as a strategic asset. This decision comes at a time when institutions are increasingly warming up to the idea of investing in cryptocurrencies.
During an interview with Anthony Pompliano, Robinhood CEO Vladimir Tenev confirmed that the trading platform does not have any plans to hold BTC as an investment. While this stance is a departure from the growing trend of institutional adoption, it has raised several questions about the company’s long-term vision in the evolving cryptocurrency landscape.
According to Tenev, the idea of holding onto Bitcoin occasionally surfaces within the company, reflecting its growing involvement in the cryptocurrency space. However, beyond maintaining minimal reserves to facilitate client trading activities, he clarified that “we wouldn’t rule it out. We haven’t done it thus far. Not in the business of being an investment manager.”
It seems that certain considerations are influencing Robinhood’s approach, as Tenev explained, “We have to do the work of accounting for it, and it’s essentially on the balance sheet anyway, so there’s a real reason for it.” This indicates that while other companies like MicroStrategy and Metaplanet are leveling up their Bitcoin game, Robinhood has taken a step back – but not completely.
It is possible that the company may have decided to take this route due to the volatile nature of cryptocurrencies. Alternatively, they might be adopting a unique growth strategy, similar to that of Microsoft. As a result, calculating the risk associated with digital assets, Robinhood may have chosen to go in a different direction.
As news of the CEO’s statement broke, Bitcoin saw a minor decline, trading at $94,038.28, marking a 1.92% loss over the past 24 hours. On the other hand, Robinhood shares experienced a 2.17% dip, closing at $37.50 as of the time of writing.
Despite this negative trend, it’s essential to note that the stock maintains a consensus price target of $38.19, with projections ranging from a bullish $55 by Morgan Stanley to a more conservative $11 by Barclays.
In conclusion, Robinhood’s CEO has made it clear that they will not be holding onto Bitcoin as a strategic asset. While this decision may come across as unconventional in the face of growing institutional adoption, it is essential to understand that companies have unique goals and motivations that are not always aligned with others in the same space.
Source: ambcrypto.com
