KEY POINTS
- Many users said they received approximately $8 dollars from the giveaway
- Some users noted that the $BTC gifts need to stay on Robinhood for a year
- Robinhood Crypto had a big year in 2024, including its acquisition of Bitstamp
Fintech giant Robinhood has just given away $2.5 million worth of Bitcoin to its Gold members who rang in the New Year through the Robinhood app, making the company trend on X overnight.
Many Gold members who attended the in-app event were very happy with the BTC giveaway, but some who missed it were not so pleased because they missed out on the campaign.
Thank you and Happy New Year to our customers. Now buckle up for 2025.
— Robinhood (@RobinhoodApp) January 2, 2025
$2.5M valued as of 12-30. Terms apply. pic.twitter.com/6vxI0YYiB7
$BTC Receivers Express Gratitude for New Year Gift
One user who received $8.19 worth of Bitcoin said it was "such a nice gesture" from Robinhood to give out free BTC to its Gold members.
Robinhood just gave me some free Bitcoin $BTC. Such a nice gesture $HOOD pic.twitter.com/QE6dK2pZvd
— Mr Budget Bill (@MrBudgetBill) January 2, 2025
Another user said he received $8.21 in BTC, suggesting that there are many Gold members who joined the New Year 2025 countdown and had to split the big reward pool.
Yup we got it and they gave $8.21 in $BTC pic.twitter.com/UzYJP83Yn4
— RHYDIZEL (@RHYDIZEL) January 2, 2025
Despite the small amount of BTC received, many were grateful, including a user who said Robinhood was "blowing away the competition" in cryptocurrency giveaways.
Others Unpleased With the Giveaway Process
There were also some people who didn't like the idea of getting others missing out on the BTC giveaway because they didn't have time to stare at their phones for the countdown.
Some also claimed that they were "prevented" from opening the app and missed out on the event.
Yeah your network prevented me from opening the app from 6:56pm until 7:01pm... Bravo 😩
— Marc Naseth (@MarcNaseth) January 2, 2025
The matter of a particular lock-in period for selling the giveaway Bitcoin also came up. One user said recipients "probably won't be able to sell it for up to 1 year."
Well-followed crypto investor Amit also noted that the BTC shares given for the New Year countdown event can be sold after a year.
Robinhood's Growing Stamp on Crypto
Robinhood jumped into the crypto space in 2018, when it announced the launch of its digital assets arm, Robinhood Crypto (RHC). Since then, the unit has grown significantly, and as of November 2024, the company said it had $38 billion in crypto assets under custody.
There's also the self-custody Web3 wallet Robinhood Wallet, which is being used by people across over 100 countries worldwide.
The company has had its ups and downs throughout 2024, but one of its highlights took place in May, after it revealed that it received a Wells notice from the U.S. Securities and Exchange Commission (SEC) over its crypto business.
At the time, it said RHC cooperated with the SEC's probe into its crypto listings but still received a Wells notice, with the regulator saying it was advised to "file an enforcement against RHC alleging violations" of securities laws.
The crypto community rallied behind Robinhood following the news, with crypto lawyer Jake Chervinsky blasting the SEC for "abusing the Wells process as a scare tactic now."
Robinhood has been expanding its crypto business in the past year, allowing Android access to its wallet for global users, and also announcing its acquisition of crypto exchange Bitstamp in a $200 million cash deal.
