Robinhood Identified to Be Mysterious Wallet and 3rd Largest…
Bitcoin wallet address that accumulated $3 billion worth of BTC in three months to become the 3rd largest wallet address belongs to the investing and trading platform Robinhood.
The wallet had attracted attention dividing the market observers into speculating whether it belonged to Winklevoss-led Gemini or asset management giant BlackRock. However, Arkham Intelligence data showed that Robinhood is, in fact, behind the wallet, which currently holds over $3.08 billion of Bitcoin.
The entity is now the third-largest bitcoin holder behind the cold wallets controlled by crypto exchanges Binance and Bitfinex which hold $6.4 billion and $4.3 billion worth of BTC, respectively.
It was first reported that the wallet was a new address wherein Gemini had moved some portion of its BTC holdings.
The speculation regarding BlackRock aligned with heightened enthusiasm regarding the potential for a spot Bitcoin ETF. Although no concrete evidence indicated the firm’s association with the wallet, numerous individuals inferred a connection by highlighting that the largest transaction involving the address occurred on May 16.
The timing was interesting because it was one month before BlackRock submitted its application for a spot Bitcoin ETF to the Securities and Exchange Commission (SEC).
Despite the latest findings, Robinhood is yet to officially respond to the claim.
The investment platform’s crypto revenue plunged by over 20% in Q2 2023 to $31 million, which was attributed in part to the company’s decision to remove digital assets that were classified as securities by the US SEC, including Solana (SOL), Cardano (ADA), and Polygon (MATIC).
Despite the underwhelming performance, Robinhood’s CEO Vlad Tenev assured that the brokerage company will remain an active investor in the digital asset sector.
As such, the latest Bitcoin holdings provide insight into the scope of Robinhood’s exposure to Bitcoin even as the market faces tremendous downside pressure.
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