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Based on a report by Arkham Intelligence revealed round Aug. 27, Robinhood allegedly holds greater than $3 billion of Bitcoin in a single deal with
These findings present that Robinhood holds 118,300 BTC of Bitcoin (BTC), which is valued at $3.07 billion and is saved in an deal with starting with “bc1ql.”
That deal with was energetic as lately as right this moment. Although its current transactions are small, the pockets’s stability has grown considerably since mid-Could, when it held simply over $5,400 in Bitcoin. The deal with’ stability 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 deal with 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 deal with 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 deal with is the third-largest Bitcoin pockets total, in response to knowledge 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 deal with 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 buyers. 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 distinct nature: whereas Microstrategy has purchased Bitcoin for its stability sheet, Robinhood’s holdings could 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 incomes outcomes. The corporate stated it had $11.5 billion of property associated to person cryptocurrency safeguarding obligations as of June 30, 2023.
It’s unclear the place the rest of these property are held and to what extent that $11.5 billion complete is made up of cryptocurrencies apart from Bitcoin.
The put up Robinhood holds over $3B in Bitcoin, ranks alongside Binance and Bitfinex’s greatest wallets appeared first on CryptoSlate.
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