Robinhood, the popular investing and trading platform, has been identified as the third-largest holder of Bitcoin, with a staggering $3 billion in BTC.
This information comes courtesy of wallet data provided by Arkham Intelligence. The platform now only trails behind crypto juggernauts Binance and Bitfinex, which hold $6.4 billion and $4.3 billion in Bitcoin, respectively.
For months, the crypto community had been buzzing with speculation about the owner of a mysterious Bitcoin wallet that had been amassing a significant amount of the digital currency. The wallet had become a subject of intense debate and scrutiny, with theories ranging from its ownership by financial giant BlackRock to crypto exchange Gemini.
Robinhood strategically transferred approximately 118,300 Bitcoins to this wallet over a span of three months. These assets are managed by Jump Trading, a crypto trading firm, as confirmed by Arkham Intelligence. The first of these transactions occurred on March 8, and the wallet continued to swell until July 14, according to data from BitInfoCharts.
Interestingly, Robinhood’s massive Bitcoin holding comes at a time when the platform has reported a decline in crypto trading volumes. In its latest earnings release, Robinhood disclosed a crypto trading revenue of merely $31 million for the second quarter, down 18% from $38 million in the first quarter. This accounts for just 16% of the platform’s total trading revenue of $193 million, which itself saw a 7% sequential decline.
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