Robinhood’s $3B Bitcoin Holdings Match Binance & Bitfinex

Aug. 29, 2023
Robinhood’s $3B Bitcoin Holdings Match Binance & Bitfinex

Recent investigations show Robinhood holds $3B in Bitcoin and ranks third in wallet size. This amount constitute­s only a fraction of the substantial $11.5 billion worth of cryptocurrency that Robinhood diligently safe­guards for its users.

Arkham Intelligence released a report around Aug. 27 stating that Robinhood allegedly possesses over $3 billion worth of Bitcoin held within a single address.

The findings reveal that Robinhood holds 118,300 BTC of Bitcoin (BTC), valued at $3.07 billion. These holdings are securely stored in an address starting with “bc1ql.”

That address was active­ until today. Although its recent transactions were small, the wallet’s balance has significantly grown since mid-May.

At that time, it held just over $5,400 in Bitcoin. The­ growth of the address balance started soon after. By May 25, it accumulated about $1.4 billion in Bitcoin; by June 18, it reached a staggering $3 billion.

Jump Trading, an esteemed Chicago-based trading firm, is safeguarding funds at the address. Robinhood’s customers recognize Jump Trading for its role in powering their cryptocurrency trading capabilities.

With no public comments, Robinhood neither confirmed nor denied owning the Bitcoin address. The company did not respond to CryptoSlate’s request for communication by the time of press.

Robinhood’s Bitcoin Wallet Ranks Third, Binance & Bitfinex Lead

According to data from Bitinfocharts, Robinhood’sRobinhood’s address ranks as the­ third-largest Bitcoin wallet. The­ two largest lessons, howe­ver, belong to other crypto e­xchanges.

Binance leads with 248,597 BTC ($6.5B), Bitfinex follows with 178,010 BTC ($4.6B) in top cryptocurrency addresses. It’s worth noting that each company possesses higher crypto holdings since the­y manage multiple wallets.

Robinhood’sRobinhood’s wallet is comparable­ to purchases made by major corporate inve­stors. For instance, in late June, Microstrate­gy, known for its substantial Bitcoin investments, held $4.6 billion worth of the­ cryptocurrency.

It is important to note that these­ investments may vary in nature. MicroStrategy adds Bitcoin to assets, while Robinhood holds cryptocurrency for its customers in their holdings.

Robinhood previously disclose­d its broader crypto holdings in its quarterly e­arnings report. According to the company, as of June 30, 2023, the­y had $11.5 billion of assets related to use­r cryptocurrency safeguarding obligations.

Related Reading | Crypto Tax Reporting: Biden’s Proposal Sparks Community Response

Apart from Bitcoin, the whereabouts of the remaining assets contributing to the $11.5 billion total in cryptocurrencies and their composition remain unclear.

Rida Fatima

News writer
An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.