I think the bigger opportunity for platforms like Robinhood is providing crypto services rather than holding large amounts of Bitcoin on their own balance sheets.
Trading, custody, staking, tokenisation and stablecoin-related services can generate recurring revenue while letting customers bear most of the underlying crypto price risk. A large corporate Bitcoin position is different: it effectively turns part of the company into a leveraged bet on BTC and could increase earnings and balance-sheet volatility.
Holding some Bitcoin may make strategic sense for liquidity, treasury diversification or supporting crypto operations, but I would not expect it to become the core strategy for most financial platforms.
The real prize is probably becoming the infrastructure through which millions of customers own and use crypto, rather than competing with them to own it.
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