Robinhood holds over $3B in Bitcoin, ranks alongside Binance and Bitfinex’s biggest wallets

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Robinhood holds over $3B in Bitcoin, ranks alongside Binance and Bitfinex’s biggest wallets

According to a report by Arkham Intelligence published around Aug. 27, Robinhood allegedly holds more than $3 billion of Bitcoin in a single address

Those findings show that Robinhood holds 118,300 BTC of Bitcoin (BTC), which is valued at $3.07 billion and is stored in an address beginning with “bc1ql.”

That address was active as recently as today. Though its recent transactions are small, the wallet’s balance has grown significantly since mid-May, when it held just over $5,400 in Bitcoin. The address’ balance began to grow soon after that: by May 25, it held about $1.4 billion in Bitcoin, and by June 18, it held $3 billion in Bitcoin.

The funds in the address are custodied with Jump Trading, a Chicago-based trading firm known to power Robinhood’s crypto trading features.

Robinhood has not confirmed or denied that it owns the Bitcoin address in question, nor has it commented publicly on the matter. The company did not respond to CryptoSlate’s request for comment by press time.

Robinhood wallet ranks third overall

Robinhood’s address is the third-largest Bitcoin wallet overall, according to data from Bitinfocharts. The two largest addresses belong to other crypto exchanges: the largest holds 248,597 BTC ($6.5 billion) and belongs to Binance, while the second-largest address holds 178,010 BTC ($4.6 billion) and is held by Bitfinex. However, each company’s actual crypto holdings are higher as each holds multiple wallets.

Robinhood’s wallet also measures up to purchases made by major corporate investors. Microstrategy, which has made Bitcoin investing a key part of its portfolio, held $4.6 billion in Bitcoin in late June. However, these investments may be of a different nature: whereas Microstrategy has bought Bitcoin for its balance sheet, Robinhood’s holdings may instead represent cryptocurrency that it holds on behalf of its customers.

Robinhood previously reported its broader crypto holdings as part of its quarterly earning results. The company said it had $11.5 billion of assets related to user cryptocurrency safeguarding obligations as of June 30, 2023.

It is unclear where the remainder of those assets are held and to what extent that $11.5 billion total is made up of cryptocurrencies other than Bitcoin.

Source: ethereum.today

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