Robinhood Holds Over $3 Billion in Bitcoin, Becoming the Third Largest Holder
Recent investigations have revealed that Robinhood, a popular stock and cryptocurrency trading platform, is holding a bitcoin wallet with over $3 billion worth of bitcoin. This makes Robinhood the third largest custodian of bitcoin, just behind Binance and Bitfinex. These findings have been verified by blockchain analytics firm Arkham Intelligence.
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The third largest #bitcoin whale
With the disclosure of $3 billion in bitcoin
to be Robinhood
Decrypting Robinhood’s Mysterious Bitcoin Wallet
For the past week, the ownership of Robinhood’s bitcoin wallet has been a topic of speculation within the cryptocurrency community. Many believed it could belong to financial giants like BlackRock or other major exchanges. However, it has now been revealed that Robinhood is the owner of the wallet.
Binance currently holds the record for the largest bitcoin wallet, containing over 249,000 Bitcoins, worth approximately $6.5 billion. Bitfinex closely follows with a treasury of approximately 178,000 bitcoins, or $4.7 billion in value. Robinhood’s bitcoin wallet holds over 118,000 bitcoins, valued at just over $3 billion.
These results are surprising considering the recent struggles Robinhood has faced in terms of user backlog and trading volume. The company’s trading activity saw a year-over-year drop of 38% to $3.4 billion in July. However, their significant holding of BTC indicates a strong commitment to cryptocurrency as an asset.
Technical Details
Data from Arkham Intelligence confirms that Robinhood accumulated its bitcoin holdings over several months through transfers from various smaller wallets. The custody services of Jump Trading, a crypto trading firm, manage these bitcoin assets. The first deposit to this wallet was made on March 8 and continued until July 14, according to BitInfoCharts data.
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