Robinhood’s Bitcoin Wallet Becomes 3rd Largest with $3 Billion Worth of BTC
Robinhood, the popular investing and trading platform, has accumulated over $3 billion worth of Bitcoin in its wallet, making it the third-largest bitcoin holder. The wallet had sparked speculation among market observers, with some suggesting it belonged to Gemini or BlackRock. However, data from Arkham Intelligence has confirmed that Robinhood is indeed behind the wallet. The wallet’s holdings now rank behind the cold wallets of Binance and Bitfinex. Earlier reports had suggested that the wallet belonged to Gemini, but this was later debunked. The speculation surrounding BlackRock was fueled by a significant transaction occurring one month before the firm submitted its application for a spot Bitcoin ETF.
Key Points:
- Robinhood’s Bitcoin wallet has accumulated over $3 billion worth of BTC.
- The wallet is now the third-largest bitcoin holder, behind Binance and Bitfinex.
- Initial speculation suggested the wallet belonged to Gemini or BlackRock.
- Arkham Intelligence data confirms that Robinhood is the owner of the wallet.
- Robinhood’s crypto revenue declined in Q2 2023, but the company remains committed to the digital asset sector.
Hot Take: Robinhood’s significant Bitcoin holdings highlight the platform’s growing exposure to the cryptocurrency market. Despite a decline in crypto revenue, the company’s commitment to digital assets remains strong. As the market faces downward pressure, Robinhood’s position as the third-largest bitcoin holder may have implications for its future strategic moves in the crypto space.
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