As per the latest research conducted, Robinhood has attained the third position amongst the Bitcoin holders globally. This is in relation to Bitcoin custodianship. The well-known stock and cryptocurrency trading website boasts of having a wallet with over $3 billion worth of BTC. There is only Binance and Bitfinex, which are ahead of it.
Speculations seem to be running rampant as to who is responsible for the gigantic Bitcoin wallet. The popular belief is that the prospective owners could be big-time financial institutions, such as BlackRock, or, for that matter, some prime exchanges like Gemini. The general opinion stems from the fact that in the recent past, BlackRock was instrumental in the listing of an ETF for Bitcoin. Finally, the cat seems to be out of the bag.
Presently, Binance is leading the pack with a wallet having more than 249,000 BTC worth more than $6.5 billion. Right behind is Bitfinex exchange, with a wallet containing 178,000 BTC worth $4.7 billion. Placing itself in the third position is Robinhood, with a wallet of over 118,000 BTC worth a little above $3 billion.
Considering the recent obstacles Robinhood came up against in the form of user acquisition and trading volume, its progress is unprecedented. As per reliable information, the volume with regards to cryptocurrency trading dropped 38% to $3.4 billion in July, as compared to the previous year. However, the company’s current position speaks volumes about its inclination towards cryptocurrencies playing the role of a usable asset standard.
As per an investigation carried out by Arkham Intelligence, it took a few months for Robinhood to gain its present position with the obtaining of 118,300 BTC through various transfers, which were carried out from multiple smaller players. It is Jump Trading, a popular cryptocurrency trading company, which is responsible for controlling the BTC holdings, as well as maintaining the position of custodian. BitlnfoCharts’ data endorses this fact.