Arkham: Robinhood Ranks 3rd in Bitcoin, 5th in Ethereum Holdings

Bhim5551

In late this month, cryptocurrency data tracking platform Arkham Intelligence identified a cold wallet (bc1ql) holding over 118,300 Bitcoins, valued at approximately $3.22 billion, as owned by the U.S. online brokerage platform Robinhood. As reported by CoinDesk on Tuesday (29th), Robinhood has become the third-largest Bitcoin wallet holder, trailing only Binance and Bitfinex, which hold Bitcoin worth $6.4 billion and $4.3 billion, respectively, on single wallets.

Data indicates that over the course of three months, Robinhood moved around 118,300 Bitcoins from several smaller wallets to the identified wallet, accumulating a substantial Bitcoin holding.

The identity of the owner of the cold wallet containing Bitcoins had previously been subject to widespread speculation and discussion. A spokesperson for the publicly listed company confirmed to Barron's that the wallet identified by Arkham Intelligence represents customer-held Bitcoins.

Furthermore, Robinhood is also the fifth-largest Ethereum wallet holder. Arkham announced on the X platform (formerly Twitter) today (31st) that besides being the third-largest Bitcoin wallet holder, Robinhood has also been identified by Arkham as the fifth-largest Ethereum wallet holder.

""We have identified Robinhood as the owner of the third-largest Bitcoin wallet, which has been widely reported. However, most reports have overlooked this: we have also discovered that they are the owner of the fifth-largest Ethereum wallet, holding around $2.54 billion worth of ETH (approximately 1.493 million ETH).""

Arkham stated that the funds in the wallet are held in custody for customer balances. According to Arkham's data, other cryptocurrencies held in associated wallets include 122,204 BTC ($3.33 billion), 1.72 million ETH ($2.93 billion), 34.1 trillion Shiba Inu ($276 million), and other cryptocurrencies.

It's worth noting that Robinhood's Q2 financial report showed that the platform's cryptocurrency trading revenue for the second quarter was $31 million (down 7% YoY), a decrease of 18% from the $38 million in the first quarter, and accounted for 16% of the total category trading revenue of $193 million. As reported earlier, this revenue decline is 7% on a quarter-to-quarter basis.

The Q2 report also indicated that as of the end of June, Robinhood held around $4.2 billion worth of Bitcoin for its customers, along with an additional $7.3 billion worth of other cryptocurrencies.