According to a report published by Arkham Intelligence around August 27, Robinhood allegedly holds over $3 billion worth of Bitcoin in one address
These findings show that Robinhood owns 118,300 BTC worth of Bitcoin (BTC), valued at $3.07 billion and stored at an address starting with “bc1ql”.
That address was just active. While recent transactions are small, the wallet’s balance has grown significantly since mid-May, when it held just over $5,400 worth of Bitcoin. The address’s balance started growing soon after: on May 25, it held about $1.4 billion in Bitcoin, and on June 18, it held $3 billion in Bitcoin.
The funds at the address are held with Jump Trading, a Chicago-based trading company 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 publicly commented on the matter. The company did not respond to CryptoSlate’s request for comment at the time of writing.
Robinhood wallet ranks third overall
Robinhood’s address is according to the third largest Bitcoin wallet overall data from Bitinfocharts. The two largest addresses are owned by other crypto exchanges: the largest holds 248,597 BTC ($6.5 billion) and is owned by Binance, while the second largest address holds 178,010 BTC ($4.6 billion) and is owned by Binance. Bitfinex. However, each company’s actual crypto holdings are higher as each company owns multiple wallets.
Robinhood’s wallet is also resistant to purchases by major corporate investors. Microstrategy, which has made Bitcoin investments an important part of its portfolio, held $4.6 billion in Bitcoin at the end of June. However, these investments may be of a different nature: While Microstrategy purchased Bitcoin for its balance sheet, Robinhood’s assets may instead represent cryptocurrency it holds on behalf of its clients.
Robinhood previously reported its broader crypto holdings as part of its quarterly results. The company said it had $11.5 billion in assets related to user protection of cryptocurrency as of June 30, 2023.
It is unclear where the rest of those assets are kept and to what extent that $11.5 billion total consists of cryptocurrencies other than Bitcoin.
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