Robinhood Allegedly Holds $3 Billion in Bitcoin at Single Address

According to a report published around August 27 by Arkham Intelligence, Robinhood allegedly possesses more than $3 billion in Bitcoin at a single address.

These results indicate that Robinhood possesses 118,300 Bitcoins (BTC) valued at $3.07 billion and stored at an address beginning with “bc1ql.”

This address is still active as of today. The wallet’s balance has increased considerably since mid-May, when it held roughly $5,400 in Bitcoin, even though its recent transactions have been relatively small.

Soon after, the balance of the address began to increase: by May 25, it held approximately $1.4 billion in Bitcoin, and by June 18, it had $3 billion in Bitcoin.

The funds in the address are held by Jump Trading, a Chicago-based trading firm that powers Robinhood’s cryptocurrency trading features.

Robinhood has neither verified nor denied ownership of the Bitcoin address in question nor commented on the matter publicly.

According to data from Bitinfocharts, Robinhood’s Bitcoin address is the third-largest wallet overall.

The most significant address contains 248,597 BTC ($6.5 billion) and is held by Binance, while the second-largest address has 178,010 BTC ($4.6 billion) and belongs to Bitfinex.

However, each company’s cryptocurrency holdings are more significant because each possesses multiple wallets.

Robinhood’s finances are comparable to those of significant institutional investors.

Microstrategy, which has made Bitcoin investments a key component of its portfolio, held $4.6 billion worth of Bitcoin at the end of June.

However, these investments may differ: whereas Microstrategy has purchased Bitcoin for its balance sheet, Robinhood may retain cryptocurrency on behalf of its customers.

Previously, Robinhood disclosed its broader cryptocurrency holdings as part of its quarterly earnings report.

As of June 30, 2023, the corporation reported having $11.5 billion in assets related to user cryptocurrency protection obligations.

It is unknown where the remaining assets are held and how much of the $11.5 billion total consists of cryptocurrencies other than Bitcoin.