Investing platform Robinhood has been unmasked as the third-largest holder of Bitcoin, with a whopping $3 billion worth of the cryptocurrency in its coffers, according to wallet data sourced from Arkham Intelligence. Robinhood’s sizeable bitcoin cache places it just behind leading crypto exchanges Binance and Bitfinex, with single wallet holdings valued at $6.4 billion and $4.3 billion, respectively.
Previously, the ownership of this high-profile wallet had been a hot topic of speculation, raising concerns and sparking debates within the investment community. Despite this public curiosity, Robinhood has not yet issued any official statements regarding these substantial holdings.
The revelation of Robinhood’s Bitcoin assets comes after data indicated that the firm had transferred approximately 118,300 bitcoins into this wallet from several smaller ones over the span of three months. Robinhood clarified to CoinDesk that it is the custodian of all customer assets, including the massive bitcoin stash.
These transactions commenced on March 8 and continued until July 14, according to BitInfoCharts data. The holdings illuminate the depth of Robinhood’s involvement in the cryptocurrency market, a fact made more notable by the platform’s reported decline in crypto trading volumes.
The company reported a 18% quarter-over-quarter decrease in crypto trading revenue during Q2, falling from $38 million in Q1 to $31 million. This dip constituted a 7% sequential decline across all trading revenue categories, which summed up to $193 million, according to the latest earnings report.
Overall, the news of Robinhood’s sizeable bitcoin assets may alter public perception about the platform’s stake in the cryptocurrency world and could have implications for the market, given its newfound status as one of the largest bitcoin holders.