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

Recent research has revealed an unexpected fact: Robinhood, the renowned stock and cryptocurrency trading website, has become the third-largest Bitcoin holder globally. In terms of Bitcoin custodianship, Robinhood is currently just slightly behind market leaders Binance and Bitfinex with a wallet containing more than $3 billion worth of BTC.

Deciphering the Mystery Wallet

Crypto communities have been abuzz with rumors about who is behind this huge Bitcoin wallet over the past week. Many people believed that the potential owners may be powerful financial institutions like BlackRock or well-known exchanges like Gemini. These rumors gained popularity in part as a result of BlackRock’s registration of an ETF for Bitcoin earlier this year. But it seems as though the secret has now been revealed.

As of right now, Binance has the largest Bitcoin wallet, with over 249,000 BTC valued at over $6.5 billion. Following closely after is Bitfinex, which has a treasury of almost 178,000 BTC, or $4.7 billion. Surprisingly, Robinhood’s Bitcoin wallet takes third place with more than 118,000 BTC, which are currently worth slightly more than $3 billion.

Robinhood’s Commitment to Crypto

Given Robinhood’s recent difficulties with user acquisition and trading volume, these results are unexpected. The business said that the volume of cryptocurrency trading fell by 38% to $3.4 billion in July over the same month last year. Robinhood’s sizable BTC holdings demonstrate a robust and consistent commitment to cryptocurrencies as a workable asset class despite this drop in trading volume.

Behind the Scenes

According to a thorough investigation by Arkham Intelligence, Robinhood acquired its Bitcoin holdings over a period of months, acquiring 118,300 BTC via several transfers coming from different smaller accounts. Notably, Jump Trading, a well-known cryptocurrency trading company, is in charge of managing these BTC holdings while acting as their custodian. Data from BitInfoCharts supports these conclusions further by showing that the initial deposit into this wallet started on March 8 and lasted until July 14.