In response to a report by Arkham Intelligence printed round Aug. 27, Robinhood allegedly holds greater than $3 billion of Bitcoin in a single deal with
These findings present that Robinhood holds 118,300 BTC of Bitcoin (BTC), which is valued at $3.07 billion and is saved in an deal with starting with “bc1ql.”
That deal with was energetic as not too long ago as at present. Although its latest transactions are small, the pockets’s steadiness has grown considerably since mid-Might, when it held simply over $5,400 in Bitcoin. The deal with’ steadiness started to develop quickly after that: by Might 25, it held about $1.4 billion in Bitcoin, and by June 18, it held $3 billion in Bitcoin.
The funds within the deal with are custodied with Leap Buying and selling, a Chicago-based buying and selling agency identified to energy Robinhood’s crypto buying and selling options.
Robinhood has not confirmed or denied that it owns the Bitcoin deal with in query, nor has it commented publicly on the matter. The corporate didn’t reply to CryptoSlate’s request for remark by press time.
Robinhood pockets ranks third total
Robinhood’s deal with is the third-largest Bitcoin pockets total, in accordance with information from Bitinfocharts. The 2 largest addresses belong to different crypto exchanges: the biggest holds 248,597 BTC ($6.5 billion) and belongs to Binance, whereas the second-largest deal with holds 178,010 BTC ($4.6 billion) and is held by Bitfinex. Nonetheless, every firm’s precise crypto holdings are increased as every holds a number of wallets.
Robinhood’s pockets additionally measures as much as purchases made by main company traders. Microstrategy, which has made Bitcoin investing a key a part of its portfolio, held $4.6 billion in Bitcoin in late June. Nonetheless, these investments could also be of a special nature: whereas Microstrategy has purchased Bitcoin for its steadiness sheet, Robinhood’s holdings might as a substitute symbolize cryptocurrency that it holds on behalf of its clients.
Robinhood beforehand reported its broader crypto holdings as a part of its quarterly incomes outcomes. The corporate stated it had $11.5 billion of belongings associated to person cryptocurrency safeguarding obligations as of June 30, 2023.
It’s unclear the place the rest of these belongings are held and to what extent that $11.5 billion complete is made up of cryptocurrencies apart from Bitcoin.
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