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.
$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.
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.
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.
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.
The post Robinhood Trends After $2.5M Bitcoin Giveaway To Gold Members Who Tuned In To 2025 Countdown appeared first on International Business Times.
On January 1, 2025, Robinhood celebrated the New Year by distributing $2.5 million worth of Bitcoin to its Gold members who participated in a countdown event within the app. This initiative aimed to reward existing customers and enhance engagement on the platform. International Business Times
During the event, many users received approximately $8 worth of Bitcoin, with the total reward pool divided among those who accessed the countdown screen at the specified time. Some users expressed gratitude for the gesture, while others noted that the Bitcoin gifts need to stay on Robinhood for a year before they can be sold. International Business Times
Robinhood’s CEO, Vlad Tenev, emphasized the company’s focus on rewarding existing customers rather than attracting new ones. He stated, “You may have gotten used to us offering matches and incentives to new customers. These are all about our existing customers.” Benzinga
This promotion follows Robinhood’s previous giveaway of $2.5 million worth of Dogecoin to users during a New Year’s Eve event, highlighting the company’s ongoing efforts to engage and reward its user base. Benzinga
For those who missed the initial event, Robinhood announced that a new countdown would start, with Gold subscribers encouraged to be on the countdown screen in the app at 7 PM ET. X
Overall, these initiatives reflect Robinhood’s strategy to enhance user engagement and loyalty through cryptocurrency giveaways and exclusive events.
