Robinhood owns more than $3 billion in Bitcoin
Date: 2023-08-29 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, BUSINESS
According to an August 27 Arkham Intelligence report, Robinhood supposedly stores over $3 billion of bitcoin in a single address.
The results show that Robinhood holds 118,300 BTC of bitcoin (Btc), valued at $3.07 billion, located at an address starting with "bac1ql".
Today this performance was very active. Even though his recent transactions are small (about $5,000 in bitcoin), his wallet balance has increased significantly since mid-May of this year to about $5,400. Long after that, the balance of the address grew: by May 25, there were about $1.4 billion of bitcoins in it, and by June 18 - already more than 3 billion.
The funds in the address are held by Jump Trading, which is a well-known Chicago trading firm. The funds were directed to Robinhood cryptocurrency trading.
Robinhood Confirms It Owns a $3 Billion Address and Says It's Used to Store Users' Funds in Cold Storage
In the overall standings, Robinhood takes third place.
The third largest Bitcoin wallet overall, according to Bitinfocharts, is the Robinhood address. One of the largest addresses belongs to other crypto exchanges: the largest one includes 248,597 BTC (6.5 billion dollars) and is assigned to Binance. Another address by value has 17 8 010 bucks (s), which are attributed to the second person after the owner of the exchange - Bitfinex. However, the actual crypto assets of each company are higher since each of them has multiple wallets.
The Robinhood account is also in line with large corporate investor purchases. Microstrategy, which made investing in cryptocurrencies the main part of its portfolio, had $4.6 billion of bitcoins invested at the end of June. But this investment is also reversed: while Microstrategy has acquired bitcoin for its balance sheet, Robinhood's assets, by contrast, are cryptocurrencies that it holds on behalf of its clients.
Prior to this, Robinhood reported broader crypto assets as part of its quarterly results. The petitioner stated that as of June 11, 5, the company's assets were $30.2023 billion due to user commitments to protect cryptocurrencies.
It is not clear where the rest of these assets are held and to what extent this amount, which is equal to 11.5 billion dollars, consists of a special kind of cryptocurrency - bitcoins.
