Robinhood, the much-talked-about investment and trading platform, holds the world’s third-largest amount of Bitcoin (BTC) in a single crypto wallet according to newly released data from Arkham Intelligence. With more than $3bn in this wallet, it puts Robinhood just behind Bitfinex’s $4.3bn. Binance, the world’s favourite crypto trader, retains the top spot with $6.4bn in tokens.
Robinhood – 3rd place as largest global BTC holder
In recent months, Robinhood had market tongues wagging and ignited debates as to who owned such a large amount of BTC. To date, this commission-free trading base has not offered a public comment.
The lack of a statement did not however stem the tide of speculations. Many believe investment and financial manager, BlackRock, made this move following a filing for a Bitcoin ETF earlier this year. Others think it belongs to Gemini, another big player in the investment arena, which shifted its users as per an X (the social media platform priorly known as Twitter) post, reading:
Gemini has transferred bitcoins to the new address bc1q….59v2 in the past 3 months. It currently holds 118,000 bitcoins, or about 3.08 billion U.S. dollars. It is currently the third largest bitcoin holder. The first and second largest Bitcoin addresses are Binance Cold Wallet and Bitfinex Cold Wallet.
Over the past three months, Robinhood transferred roughly 118,300 bitcoins from numerous smaller wallets. Arkham Intelligence confirmed Jump Trading had custody of this virtual currency.
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Essentially, this indicates Robinhood’s stake in cryptocurrency despite low trading volumes. The company’s Q2 report reflected crypto trading revenue of only $31m, an 18% decrease from its Q1 performance.
