Robinhood, a popular investing and trading platform, holds over $3 billion in Bitcoin on a single wallet, according to wallet data from Arkham Intelligence. This makes it the third-largest Bitcoin holder behind crypto exchanges Binance and Bitfinex, which hold $6.4 billion and $4.3 billion worth of tokens on single wallets respectively. The identity of the wallet’s owner sparked conversations and concerns among market watchers in the past few months.
The wallet gained notoriety as Robinhood transferred some 118,300 Bitcoin to the wallet from several other smaller wallets over a three-month period. These tokens are custodied by crypto trading firm Jump Trading, Arkham representatives confirmed to CoinDesk in a Telegram message. All of these holdings are held on the Bitcoin blockchain.
The holdings shed light on the extent of Robinhood’s Bitcoin exposure despite low crypto trading volumes on its platform. Robinhood reported crypto trading revenue of just $31 million in the second quarter, down 18% from the $38 million in the first quarter, according to its latest earnings release.
The speculations surrounding the wallet’s owner ranged from the Bitcoin holdings belonging to financial behemoth BlackRock, which filed for a Bitcoin ETF earlier this year, to crypto exchange Gemini shifting its users’ holdings to a wallet. As of Monday, Robinhood has not publicly commented on these holdings.