Robinhood holds over $3B in Bitcoin, ranks alongside Binance and Bitfinex’s biggest wallets

Robinhood holds over $3B in Bitcoin, ranks alongside Binance and Bitfinex’s biggest wallets

Aug. 28, 2023

By Mike Dalton

According to recent investigative reports, Robinhood owns the third-largest BTC wallet — holding about $3 billion of BTC — a fraction of the $11.5 billion of crypto that it safeguards for its users.

According to a report by Arkham Intelligence published around Aug. 27, Robinhood allegedly holds more than $3 billion of Bitcoin in a single address

Those findings show that Robinhood holds 118,300 BTC of Bitcoin (BTC), which is valued at $3.07 billion and is stored in an address beginning with “bc1ql.”

That address was active as recently as today. Though its recent transactions are small, the wallet’s balance has grown significantly since mid-May, when it held just over $5,400 in Bitcoin. The address’ balance began to grow soon after that: by May 25, it held about $1.4 billion in Bitcoin, and by June 18, it held $3 billion in Bitcoin.

The funds in the address are custodied with Jump Trading, a Chicago-based trading firm known to power Robinhood’s crypto trading features.

Robinhood has not confirmed or denied that it owns the Bitcoin address in question, nor has it commented publicly on the matter. The company did not respond to CryptoSlate’s request for comment by press time.