March 27, 2024
Robinhood Emerges as Third-Largest Bitcoin Holder with $3 Billion Wallet
Bitcoin News

Robinhood Emerges as Third-Largest Bitcoin Holder with $3 Billion Wallet

According to wallet data from Arkham Intelligence, the trading and investment platform Robinhood (HOOD) has over $3 billion in bitcoin (BTC) in a single wallet. The assets were accrued over a period of several months. It is now the third-largest bitcoin holder, trailing only cryptocurrency exchanges Bitfinex and Binance, which have token holdings on single wallets totalling $6.4 billion and $4.3 billion, respectively.

The wallet previously rose to prominence amongst market observers in recent months as the revelation of its owners’ identities spurred discussions and raised questions about who the enigmatic owner of such a significant amount of bitcoin could be.

Robinhood hasn’t made any public statements about these holdings as of Monday.

The transfers spurred rumours about everything from cryptocurrency exchange Gemini moving its users’ holdings to wallets to financial powerhouse BlackRock, which applied for a Bitcoin ETF earlier this year.

Over a three-month period, evidence reveals that Robinhood transferred over 118,300 bitcoin from a number of other smaller wallets to the wallet. Jump Trading, a cryptocurrency trading company, is the custodian of these coins.

These assets are all stored on the Bitcoin blockchain. Following the first transaction on March 8, enormous sums of bitcoin were exchanged up until July 14, according to BitInfoCharts.

Although there aren’t many cryptocurrency trades on Robinhood’s platform, the holdings reveal the range of the company’s exposure to Bitcoin.

According to its most recent earnings report, Robinhood’s crypto trading revenue for the second quarter was barely $31 million, a decrease of 18% from the $38 million for the first quarter. The statistics represented 16% of the $193 million in trade revenue across all categories, which, as previously reported, fell by 7% progressively.

Image: Freepik

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