According to wallet statistics from Arkham Intelligence, the investing and trading platform Robinhood (HOOD) currently contains more than $3 billion in bitcoin (BTC) in a single wallet.After cryptocurrency exchanges Bitfinex and Binance, which respectively hold tokens valued at $6.4 billion and $4.3 billion on single wallets, this places it as the third-largest bitcoin holder.The wallet had previously become well-known among market observers in the previous few months as the identity of its owners aroused discussions and worries about who the mysterious owner of such a big amount of bitcoin could be.
As of Monday, Robinhood has not made any public remarks on these assets.The moves spurred theories about everything from the transfers of user holdings at cryptocurrency exchange Gemini to the holdings of financial powerhouse BlackRock, which applied for a Bitcoin ETF earlier this year.Over the course of three months, Robinhood transferred over 118,300 bitcoin from a number of other smaller wallets to the wallet, according to data.Representatives of Arkham acknowledged in a Telegram message that Jump Trading, a cryptocurrency trading company, is the custodian of these tokens.
These assets are all stored on the Bitcoin blockchain.Following the first transaction on March 8, enormous sums of bitcoin were exchanged up until July 14, according to BitInfoCharts.Although there aren’t many cryptocurrency trades on Robinhood’s platform, the holdings reveal the breadth of the company’s exposure to bitcoin.
According to its most recent earnings report, Robinhood’s crypto trading revenue for the second quarter was barely $31 million, a decrease of 18% from the $38 million for the first quarter.The statistics represented 16% of the $193 million in trade revenue across all categories, which, as previously reported, fell by 7% sequentially.