Robinhood has recorded Bitcoin worth $25 million on the balance sheet, Robinhood the Senior Vice President and General Manager of Cryptography and International Business, Johann Kerbrat, stated during a program on The Starting Block on Wednesday.

However, Robinhood is reportedly has added approximately $25 million in Bitcoin to the company's balance sheet, but the company has not yet confirmed this purchase.

Robinhood has expanded its cryptocurrency business in recent years, launching a network compatible with Ethereum that offers tokenized stocks, stablecoins, and decentralized financial services.

This American financial services company, Robinhood ( HOOD ), has recorded approximately 25 million US dollars worth of Bitcoin ( BTC ) on its balance sheet.

This disclosure comes from Johann Kerbrat. He made this statement during an interview with The Starting Block on Wednesday during the Asian session of the Digital Assets Summit (DAS).

Kerbrat explained that including BTC in the balance sheet reflects the company's high regard for Bitcoin and its ecosystem.

“Robinhood is now a very large company with a market value of around $100 billion. Therefore, $25 million in Bitcoin will not change the company’s current trajectory much,” he added.

CoinDesk separately contacted the public relations team of Robinhood to inquire whether the company has any plans in the future to continue purchasing more BTC or other tokens.

This move has seen Robinhood join an increasingly large list of listed companies that hold BTC as a treasury asset. Nasdaq-listed company Strategy ( MSTR ) initiated this trend in 2020, and now more than 170 companies have followed suit. Current holders include Tesla, Block, MARA Holdings, CleanSpark, and Riot Platforms, among others. These companies collectively hold over 1.2 million BTC on their balance sheets.

Robinhood has over 28 million customers with funded accounts worldwide and is by no means a newcomer to the crypto industry. In July, the company launched Robinhood Chain, which is a Layer 2 built on Arbitrum and compatible with Ethereum, targeting tokenized real-world assets and decentralized finance.

Since its independent launch online, the chain has introduced tokenized stock products, a stablecoin USDG, as well as interest-bearing lending services provided through Robinhood Earn. It has also integrated major DeFi protocols such as Uniswap, in addition to the infrastructure of Chainlink, Alchemy, and BitGo.