Robinhood сталкивается с разочаровывающим криптодоходом, несмотря на рекордный рост Translation: Robinhood faces disappointing crypto revenue despite record growth

Analysts at JPMorgan have described Robinhood’s financial performance for the third quarter as solid but lacking in quality. The bank pointed to the company’s weak earnings from cryptocurrency trading, as reported by CoinDesk.

According to the report, Robinhood’s total revenue for the period from July to September reached $1.27 billion, marking a year-on-year increase of 100%. Income from digital assets amounted to $268 million, which is over a 300% rise.

The company reported a net profit of $556 million for the quarter.

However, following the release of these results, Robinhood’s stock fell nearly 11% during Thursday’s trading session, with shares continuing to decline after market opening on Friday.

JPMorgan noted that the positive results were mainly driven by tax benefits rather than operational resilience. The volume of cryptocurrency trading fell short of expectations, putting pressure on Robinhood’s stock price.

Nonetheless, the bank upgraded its price target for the company’s shares to $130, anticipating that digital asset services and prediction markets would be the main drivers of growth.

Bernstein analysts predict that Robinhood’s stock could rise to $160, with the team led by Gautam Chhugani referencing the company’s prospects for expanding its cryptocurrency services, as reported by DL News.

“Robinhood is actively engaging with cryptocurrency markets, not just trading but also creating a whole new business in the stock sector and tokenizing real-world assets,” they mentioned in an investor note.

Robinhood is «actively considering» the option of including Bitcoin on its balance sheet, as stated by CFO Shiv Verma during a conference call discussing the quarterly results.

By 2025, the number of companies holding cryptocurrencies as part of their Digital Asset Treasury (DAT) strategy exceeded two hundred. In October alone, 26 firms became first-time holders of Bitcoin funds.

However, in recent weeks, this trend has slowed down. According to BitcoinTreasuries, public companies purchased only 14,400 BTC in October, totaling around $1.4 billion. This figure has dropped by 63% compared to September and is the lowest recorded this year.

The sharp decline in acquisitions coincided with a decrease in the mNAV indicator—the ratio of a company’s market capitalization to the value of the cryptocurrency on its balance sheet. The leading firm in the DAT segment, Strategy, which holds 641,205 BTC, saw this metric fall to 1.1.

The mNAV value for Japan’s MetaPlanet approached 1, as the company suffered about $30 million in losses from its Bitcoin investments.

The French firm Sequans Communications liquidated 970 BTC to partially pay off convertible debt amid declining Bitcoin prices.

It should be noted that DAT companies will need to shift towards implementing complex financial strategies to remain attractive to investors, believes Matt Hougan, CIO of Bitwise.