$HOODB fell to 110.99 USDT on Binance bStocks, below the U.S. stock market closing price; on the same day, Robinhood said it had bought $25 million worth of Bitcoin 🤔
HOOD closed at $112.00 on the U.S. stock market on October 6, down 1.85%. Binance bStocks was down 2.96% over 24 hours as of 15:59 Beijing time on October 7, with a low of 110.49.
According to The Block, Robinhood Crypto head Kerbrat confirmed that the company had, for the first time, put about $25 million worth of BTC on its balance sheet, but also said the move would have little impact on a company with a market cap of about $100 billion.
My take: This is a statement, not an MSTR-style Bitcoin hoarding strategy. In the short term, HOOD will still depend on BTC and its earnings report around October 27.
Scenarios (based on the bStocks price):
1️⃣ If it gets back above 112 after the market opens at 21:30 tonight, 116 could be in sight;
2️⃣ If it falls below 110.5 and BTC loses 83,186, the bullish view is invalidated.
bStocks are tokens pegged to stock prices and do not confer shareholder rights.
Is $25 million in BTC a positive for HOOD, or just a gesture?
Sources: The Block, CNN
$HOODB #美股 #Robinhood
#BinanceSquare
⚠️ The above is an information summary and personal opinion, not investment advice. DYOR.
HOOD closed at $112.00 on the U.S. stock market on October 6, down 1.85%. Binance bStocks was down 2.96% over 24 hours as of 15:59 Beijing time on October 7, with a low of 110.49.
According to The Block, Robinhood Crypto head Kerbrat confirmed that the company had, for the first time, put about $25 million worth of BTC on its balance sheet, but also said the move would have little impact on a company with a market cap of about $100 billion.
My take: This is a statement, not an MSTR-style Bitcoin hoarding strategy. In the short term, HOOD will still depend on BTC and its earnings report around October 27.
Scenarios (based on the bStocks price):
1️⃣ If it gets back above 112 after the market opens at 21:30 tonight, 116 could be in sight;
2️⃣ If it falls below 110.5 and BTC loses 83,186, the bullish view is invalidated.
bStocks are tokens pegged to stock prices and do not confer shareholder rights.
Is $25 million in BTC a positive for HOOD, or just a gesture?
Sources: The Block, CNN
$HOODB #美股 #Robinhood
#BinanceSquare
⚠️ The above is an information summary and personal opinion, not investment advice. DYOR.