Robinhood stock dips 8% as CEO Tenev remains bullish on crypto trading
Robinhood’s stock declined on Feb. 25, but chair and CEO Vlad Tenev remains confident.
In an interview on “Bloomberg Crypto” with Sonali Basak and Tim Stenovec, Tenev said, “The business has been doing tremendously well.” He pointed to strong fourth-quarter 2024 results, highlighting a record $1 billion in revenue and $50 billion in customer deposits for the year.
When asked about the market correction tracked by Bloomberg’s Magnificent Seven index, Tenev suggested the dip was temporary. Last week’s post-earnings rally faded into today’s broader market downturn, with Bitcoin (BTC) slipping below $87,000.
Robinhood shares fell by 8%, closing at $45.92 but still up 16% since the start of the year. The stock dip followed a wider market slump, but Tenev did not attribute it to any specific cause beyond normal fluctuations.
Despite the decline, Tenev remains optimistic about user engagement. “Our customers…have a long-term perspective on these things,” he said, noting that many see market declines as opportunities to buy technology stocks and cryptocurrencies like bitcoin at lower prices.
Trading stays active
Tenev also noted that volatility benefits Robinhood. Active traders continue using tools like the new Robinhood Legend platform, which has generated $50 million in annual revenue since its launch. As major technology stocks enter correction territory, this trading activity could support steady revenue growth for the platform.
