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Market News Robinhood has been identified as the third largest Bitcoin whale, with a $3 billion wallet

Robinhood has been identified as the third largest Bitcoin whale, with a $3 billion wallet

Robinhood has been discovered as the third largest holder of Bitcoin, possessing a wallet valued at $3 billion

TOP1 Markets Analyst

2023-08-29

6893

Robinhood (NASDAQ:HOOD) is the third-largest Bitcoin holder, with a wallet worth more than $3 billion, trailing only Binance and Bitfinex.

Several recent investigations have revealed that Robinhood, the popular stock and cryptocurrency trading platform, has a Bitcoin wallet storing more than $3 billion in BTC. This news places the company as the third-largest Bitcoin custodian, trailing only prominent exchanges Binance and Bitfinex. Arkham Intelligence, a blockchain analytics firm, has validated and authenticated these findings.

Deciphering the Mysteries of Robin Hood The Bitcoin wallet

The wallet in issue has been the topic of conjecture in the bitcoin industry for the past week. Market analysts and cryptocurrency aficionados have speculated that its ownership may be traced back to financial behemoths such as BlackRock (NYSE:BLK) or other exchanges such as Gemini. These rumors gathered steam after BlackRock filed for a Bitcoin ETF earlier this year. However, it looks that the riddle has been solved.

Binance presently has the largest Bitcoin wallet, with over 249,000 BTC worth around $6.5 billion. Bitfinex is close behind, with a treasury of around 178,000 BTC, or $4.7 billion in worth. Robinhood's Bitcoin wallet currently houses more than 118,000 BTC, which is worth little more than $3 billion.

Given Robinhood's recent challenges with user acquisition and trading volume, these figures are fairly surprising. In July, the company's crypto trading volume fell 38% year on year to $3.4 billion. Despite the drop in trading activity, the firm's substantial BTC holding indicates a strong underlying commitment to cryptocurrencies as an asset class.

Technical information

The data from Arkham Intelligence indicates that Robinhood accumulated its Bitcoin holdings over time, reserving 118,300 BTC through numerous transfers from various smaller accounts.

These Bitcoin assets are maintained by Jump Trading, a cryptocurrency trading firm. Furthermore, BitInfoCharts data shows that the first deposit into this wallet was made on March 8 and lasted until July 14.

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