Robinhood CEO says bitcoin most popular recurring investment on platform

Robinhood Markets (NASDAQ:HOOD) CEO and Co-Founder Vlad Tenev said Tuesday that bitcoin (BTC-USD) is the most favored recurring investment on its trading platform, despite the token's 54% slump over the past year. Recurring investment activity in Robinhood (HOOD), which has offered cryptocurrency trading since 2018, occurs when users are buying and holding as well as dollar cost averaging their positions. HOOD users are "really seeing it [bitcoin] as a part of their portfolio that they think they should hold over the long run," Tenev highlighted at a Barclays investor conference. "It's been certainly a tough year for customers because global crypto prices" remain well below last year's peaks, Tenev noted. Indeed, bitcoin (BTC-USD), ethereum (ETH-USD) and other major cryptos have experienced huge drawdowns in the face of soaring inflation, central bank tightening and fears of a recession. Elsewhere, Tenev pointed out some recent and ongoing developments at his company to improve its customers' experience, including adding advanced charting, the ability to trade options in cash accounts, and "we're working on some really good and unique mobile-focused options tools as well." Earlier this week, Robinhood net cumulative funded accounts flat again in August, MAUs edge up.