The CFO of Robinhood says the company sees no reason to put a 'meaningful' amount of corporate cash into cryptocurrencies

The CFO of Robinhood says the company sees no reason to put a 'meaningful' amount of corporate cash into cryptocurrencies
  • Robinhood CFO Jason Warnick said he sees no reason to put a "meaningful" amount of the company's money in crypto.
  • Warnick spoke during The Wall Street Journal's virtual CFO Network Summit Wednesday.
  • He also said Robinhood is aware that investors want more coins listed on its platform.
  • The CFO of , Jason Warnick, said the popular trading platform won't be a big buyer of digital assets, dashing hopes among some of its users to do so.

    "There aren't compelling reasons strategically for our business to put any meaningful amount of our corporate cash into cryptocurrencies," he said during The Wall Street Journal's Wednesday.

    Robinhood, which went public in , held approximately $6.16 billion in cash and cash equivalents at the , 340% higher than the $1.40 billion it held at the end of 2020.

    Warnick's comments come after Twitter CFO Ned Segal said in the company was considering adding bitcoin to its balance sheet but in said bitcoin "doesn't make sense right now."

    They also contrast with the stance of executives such as 's Michael Saylor and 's Elon Musk who both have aggressively bought bitcoin using corporate cash.

    Warnick also touched on for the platform to list more cryptocurrencies, particularly for meme coins like shiba inu that saw a frenzy last year. For now, Robinhood only has — a far cry from the over 100 assets Coinbase, the largest crypto exchange in the US, has listed.

    "It's not lost on us that our customers and others would like to see us add more coins," Warnick told the Journal. "We're a highly regulated company in a highly regulated industry, and we think it's important that we get a bit more clarity from regulators."

    He also denied the platform, which was slammed for its controversial whenever a trade was executed, is gamifying investing.

    "The headline of gamification is often associated with Robinhood. But the conversation never goes deeper beyond the confetti example, which is now gone," Warnick told The Journal. "I think the conversation was overblown."

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