Arkham Intelligence Uncovers Robinhood as Third Largest Bitcoin Holder, Owning $3,066,222,950 BTC

The distinguished retail trading entity Robinhood has been formally identified as the third most substantial possessor of Bitcoin, as confirmed by the meticulous analysis conducted by blockchain intelligence firm Arkham.

Employing advanced techniques in on-chain analysis, Arkham adeptly discerns and classifies addresses within blockchains, a process often referred to as “deanonymizing.” The address commencing with “bc1ql” has been distinctly designated as “Robinhood: Jump Trading Custody,” establishing the link between Robinhood and Jump Trading, a prominent trading establishment headquartered in Chicago.

Jump Trading has been actively engaged in furnishing cryptocurrency services to Robinhood since at least 2019.

Remarkably, Robinhood’s Bitcoin address, previously shrouded in anonymity, has now ascended to the global ranking of the third-largest Bitcoin repository, trailing only the eminent crypto exchanges Binance and Bitfinex.

Based on meticulously collated data from BitInfoCharts, this wallet embarked on its accumulation journey in mid-May, progressively accumulating substantial Bitcoin holdings. By the end of June, it had solidified its position as the most prominent Bitcoin whale globally that had not been formally identified as a crypto exchange.

The Bitcoin address in question demonstrated a consistent pattern of accumulation, encompassing transactions of varied magnitudes. Its initial transaction in May amounted to 0.25 BTC, while its most recent transaction acquired a significant 6,600 BTC. As of the present juncture, the wallet houses a notable 118,300 BTC, valuing at approximately $3,066,545,354.

A recent report from Bloomberg reveals that Robinhood’s Chief Legal Officer, Dan Gallagher, communicated to congressional members the firm’s decision to delist smart contract platforms Solana (SOL), Cardano (ADA), and Polygon (MATIC). This strategic move comes in the aftermath of heightened regulatory scrutiny by the U.S. Securities and Exchange Commission (SEC) on the digital asset landscape.

Furthermore, Gallagher apprised the House Agriculture Committee of Robinhood’s intention to conduct a comprehensive review of its cryptocurrency offerings in the foreseeable future. Drawing on his prior experience as a commissioner of the regulatory agency, Gallagher emphasized that Robinhood is actively engaged in scrutinizing the grievances outlined by the SEC, with a commitment to subsequently determining the appropriate course of action.

Read Also: Donald Trump's NFTs Surge in Price After Ex-President's Atlanta Arrest

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.