In keeping with a report by Arkham Intelligence revealed round Aug. 27, Robinhood allegedly holds greater than $3 billion of Bitcoin in a single handle
These findings present that Robinhood holds 118,300 BTC of Bitcoin (BTC), which is valued at $3.07 billion and is saved in an handle starting with “bc1ql.”
That handle was energetic as just lately as right this moment. Although its current transactions are small, the pockets’s steadiness has grown considerably since mid-Could, when it held simply over $5,400 in Bitcoin. The handle’ steadiness started to develop quickly after that: by Could 25, it held about $1.4 billion in Bitcoin, and by June 18, it held $3 billion in Bitcoin.
The funds within the handle are custodied with Leap Buying and selling, a Chicago-based buying and selling agency recognized to energy Robinhood’s crypto buying and selling options.
Robinhood has not confirmed or denied that it owns the Bitcoin handle 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 handle is the third-largest Bitcoin pockets total, in line with data from Bitinfocharts. The 2 largest addresses belong to different crypto exchanges: the most important holds 248,597 BTC ($6.5 billion) and belongs to Binance, whereas the second-largest handle holds 178,010 BTC ($4.6 billion) and is held by Bitfinex. Nevertheless, every firm’s precise crypto holdings are larger 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. Nevertheless, these investments could also be of a unique nature: whereas Microstrategy has purchased Bitcoin for its steadiness sheet, Robinhood’s holdings might as an alternative signify cryptocurrency that it holds on behalf of its clients.
Robinhood beforehand reported its broader crypto holdings as a part of its quarterly earning results. The corporate stated it had $11.5 billion of belongings associated to consumer 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.
Disclaimer: Our writers’ opinions are solely their very own and don’t mirror the opinion of CryptoSlate. Not one of the data you learn on CryptoSlate must be taken as funding recommendation, nor does CryptoSlate endorse any venture which may be talked about or linked to on this article. Shopping for and buying and selling cryptocurrencies must be thought of a high-risk exercise. Please do your individual due diligence earlier than taking any motion associated to content material inside this text. Lastly, CryptoSlate takes no accountability do you have to lose cash buying and selling cryptocurrencies.