Robinhood stock dips 8% as CEO Tenev remains bullish on crypto trading
Robinhood’s inventory declined on Feb. 25, however chair and CEO Vlad Tenev stays assured.
In an interview on “Bloomberg Crypto” with Sonali Basak and Tim Stenovec, Tenev mentioned, “The enterprise has been doing tremendously effectively.” He pointed to robust fourth-quarter 2024 outcomes, highlighting a report $1 billion in income and $50 billion in buyer deposits for the yr.
When requested in regards to the market correction tracked by Bloomberg’s Magnificent Seven index, Tenev advised the dip was short-term. Final week’s post-earnings rally pale into as we speak’s broader market downturn, with Bitcoin (BTC) slipping beneath $87,000.
Robinhood shares fell by 8%, closing at $45.92 however nonetheless up 16% because the begin of the yr. The inventory dip adopted a wider market hunch, however Tenev didn’t attribute it to any particular trigger past regular fluctuations.
Regardless of the decline, Tenev stays optimistic about consumer engagement. “Our prospects…have a long-term perspective on these items,” he mentioned, noting that many see market declines as alternatives to purchase expertise shares and cryptocurrencies like bitcoin at decrease costs.
Buying and selling stays energetic
Tenev additionally famous that volatility advantages Robinhood. Lively merchants proceed utilizing instruments like the brand new Robinhood Legend platform, which has generated $50 million in annual income since its launch. As main expertise shares enter correction territory, this buying and selling exercise may help regular income progress for the platform.
