JPMorgan analysts described Robinhood’s third-quarter financial results as solid but lacking in quality. The bank cited the company’s weak revenue from cryptocurrency trading, according to CoinDesk.
According to the report, Robinhood’s total revenue from July to September amounted to $1.27 billion, marking a year-on-year increase of 100%. Revenue from digital assets reached $268 million, growing by more than 300%.
The company reported a net profit of $556 million for the period.
However, following the release of these results, Robinhood’s shares fell nearly 11% by the end of Thursday’s trading session. The decline continued after markets opened on Friday.
JPMorgan noted that the positive figures were mainly due to tax benefits rather than operational resilience. The volume of cryptocurrency trading fell short of expectations, putting pressure on Robinhood’s stock price.
Nevertheless, the bank’s analysts raised the target forecast for the company’s shares to $130. They believe the main drivers will be services in the digital assets sector and prediction markets.
Bernstein claims that Robinhood’s stock will rise to $160. Analysts led by Gautam Chhugani also pointed to the prospects of expanding the firm’s cryptocurrency service, according to DL News.
“Robinhood is actively exploring cryptocurrency markets, not just trading on them but also creating an entirely new business in the equity and real asset tokenization sectors,” they wrote in a note to investors.
Will the Company Enter the DAT Segment?
Robinhood is “actively considering” adding Bitcoin to its balance sheet. This was announced by CFO Shiv Verma during a conference call on the quarterly results.
In 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 Bitcoin fund holders for the first time.
However, in recent weeks, the trend has slowed. According to BitcoinTreasuries, in October, public companies purchased only 14,400 BTC worth about $1.4 billion. This figure plummeted by 63% compared to September and was the lowest since the beginning of the year.
The sharp slowdown in purchases occurred amid a decline in the mNAV indicator—the ratio of a company’s market capitalization to the value of cryptocurrency on its balance sheet. For Strategy, the leader in the DAT segment with a treasury of 641,205 BTC, the metric fell to 1.1.
The mNAV value for Japan’s MetaPlanet approached 1. The company lost about $30 million on its Bitcoin investments.
🇯🇵 MetaPlanet is now down over $30 Million on their Bitcoin holdings. pic.twitter.com/kHsduYglpT
— Roxom TV (@RoxomTV) November 6, 2025
French firm Sequans Communications sold 970 BTC to partially repay convertible debt.
DAT companies will need to adopt complex financial strategies to remain attractive to investors, according to Bitwise CIO Matt Hougan.