HomeNewsBitcoin NewsRobinhood Emerges as Third-Largest Bitcoin Wallet Holder

Robinhood Emerges as Third-Largest Bitcoin Wallet Holder

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With the crypto world abuzz with speculation, new data reveals Robinhood to be the enigmatic force behind a staggering Bitcoin accumulation.

A Wallet Under Scrutiny

Over the past three months, a mysterious Bitcoin wallet address quietly amassed a whopping $3 billion worth of BTC, catapulting it into the prestigious position of being the third-largest wallet address in the world. For weeks, the crypto community played detective, spinning theories and speculating about the ownership of this address. Was it the Winklevoss-controlled Gemini? Or was it the behemoth asset manager, BlackRock?

The answer, as unveiled by Arkham Intelligence, was none other than Robinhood, the popular investing and trading platform. The platform now holds assets valued at over $3.08 billion in this wallet, placing it just behind the formidable reserves of Binance and Bitfinex, which possess Bitcoin holdings of $6.4 billion and $4.3 billion, respectively.

Previous Suspicions and the ETF Connection

Initial reports surrounding this wallet suggested that Gemini had transferred a portion of its BTC holdings to this new address. As the crypto saga continued, BlackRock gained attention, matching the excitement over a spot Bitcoin ETF. The most significant transaction linked to this address occurred on May 16, a month before BlackRock submitted its spot Bitcoin ETF application to the SEC, further bolstering this connection.

Robinhood’s Crypto Ventures Amidst Challenges

Robinhood has not commented on its association with this massive wallet.

Robinhood’s crypto revenue fell 20% in Q2 2023 to $31 million. This downturn was partly caused by the platform’s strategic move to delist US SEC-designated securities like Solana (SOL), Cardano (ADA), and Polygon. Despite these challenges, Robinhood CEO Vlad Tenev has maintained the platform’s commitment to digital assets. Robinhood’s massive Bitcoin accumulation shows its confidence in the crypto market, even during turbulent times.

Immersed in crypto since '18. Crafting insightful crypto news and analysis for Coinzene. Bridging the knowledge gap with every piece I pen. Your go-to writer for all things crypto.


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