When Shiba Inu? Robinhood CEO Supports Adding More Coins

Alex Dovbnya

Robinhood CEO Vlad Tenev says the online brokerage wants to make sure it doesn’t list unregistered securities

Robinhood CEO Vlad Tenev has reaffirmed that the popular zero-fee trading app plans to expand its cryptocurrency offerings when asked about Shiba Inu.

Tenev has stopped specifically mentioning SHIB, but he says the company is aware of a slew of requests to bolster its cryptocurrency lineup, which currently contains just seven coins.

Robinhood’s boss says the company is working with regulators in that area to keep unlisted securities off the list:

We want to avoid triggering SEC registration requirements for cryptocurrencies… We are very confident in the coins we have on the platform.

As reported by U.Today, Shiba Inu briefly rose 8% on the Robinhood list rumor earlier this month.

The meme coin was top of mind for the app’s users prior to the company’s earnings call.

Investors also wanted to know when the online brokerage will eventually become profitable and what steps are being taken to increase shareholder value since the company’s IPO.

Robinhood Shares Plunge

In the fourth quarter of 2021, Robinhood’s cryptocurrency-related transaction revenue declined 6% to $48 million, accounting for 18.18% of the company’s total transaction-based revenue.

Bloomberg Intelligence analyst Julie Chariell attributes the drop to the company’s reluctance to list Shiba Inu:

That’s the one coin they’re missing, which everyone’s waiting for.

Shares of Robinhood rose more than 12% in post-market trading after missing analyst forecasts.

Robinhood stocks are now down 84% from their peak, which is an even bigger drop compared to meme stocks like GameStop and AMC. The company went public at the end of July.

After posting a net loss of $423 million, Robinhood now expects to turn profitable in 2023, but does not rule out the possibility of turning profitable in 2022.

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