Recent investigations reveal that Robinhood possesses the third-largest Bitcoin wallet, containing roughly $3 billion worth of BTC. This amount is a small part of the $11.5 billion worth of cryptocurrencies it keeps safe for its users.
Around August 27, a report from Arkham Intelligence stated that Robinhood is believed to have more than $3 billion worth of Bitcoin stored in one specific place.
The information reveals that Robinhood has 118,300 BTC, which is equivalent to $3.07 billion, saved in an address starting with “bc1ql.” This address has been active recently. While the recent transactions are not substantial, the wallet’s total value has grown significantly. Back in mid-May, it had only $5,400 worth of Bitcoin, but by May 25, the amount grew to about $1.4 billion and further ballooned to $3 billion by June 18.
The Bitcoin in this address is kept with Jump Trading, a trading firm based in Chicago that supports Robinhood’s cryptocurrency trading services.
Robinhood has neither confirmed nor denied owning this Bitcoin address, and the company hasn’t made any public comments on the issue.
Robinhood’s wallet holds the third position globally
According to Bitinfocharts data, Robinhood’s Bitcoin address is the third-largest wallet globally. The top two spots are held by other crypto exchanges: Binance’s largest address has 248,597 BTC ($6.5 billion), and Bitfinex’s second-largest address holds 178,010 BTC ($4.6 billion). But these companies actually have more crypto, spread across multiple wallets.
Robinhood’s wallet size is comparable to significant corporate investors. Microstrategy, which focuses on Bitcoin in its portfolio, had $4.6 billion in Bitcoin in June. However, their purposes might differ: Microstrategy invests for its own balance sheet, while Robinhood’s holdings could be crypto it holds for customers.
Previously, Robinhood disclosed holding $11.5 billion in crypto assets related to user obligations in its quarterly earnings report as of June 30, 2023. The exact makeup of these assets and how much is non-Bitcoin crypto remains unclear.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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