Robinhood Suddenly Becomes the Third Largest Bitcoin Holder

Robinhood has large amounts of Bitcoin. (Photo; Doc. Decrypt)

JAKARTA - In a surprising development, the popular crypto investment platform, Robinhood, has been gaining attention as the third largest holder in terms of Bitcoin (BTC) holdings. This action indicates a potential shift in the landscape of digital asset ownership that was previously dominated by certain crypto exchanges.

In recent months, large amounts of Bitcoin (BTC) have been secretly purchased by unknown wallet addresses. This raises questions about the identity of the entity or individual behind this sizable Bitcoin hoard.

As this purchase continued, Arkham Intelligence's blockchain analysis and data tracking team began investigating the address to uncover its owner. The blockchain researcher has finally revealed that the address that has grown in recent months belongs to Robinhood.

Data from the company shows that the wallet address now holds more than $3 billion worth of Bitcoins. Despite that, the company has yet to provide any official comment on its new role as the main holder of Bitcoin.

Furthermore, Arkham's investigation found that Robinhood collected these crypto assets through a series of transfers, accumulating around 118,300 BTC over three months. These transactions occur through a number of smaller wallets which are eventually consolidated into one main wallet.

As it turns out, these crypto assets are actually held by Jump Trading, a crypto investment company founded in 2015. Jump Trading and its CEO, Kanav Kariya, recently faced lawsuits for their role in last year's collapse of the Terra (LUNA) blockchain. .

All BTC transactions and holdings purchased by Robinhood are securely recorded on the Bitcoin blockchain. This series of transactions started on March 8th and continued with significant BTC transfers until it peaked on July 14th, as per data from BitInfoCharts.

Of particular interest is the substantial Bitcoin exposure by Robinhood, despite the relatively low trading volume of the crypto on the platform. This disclosure confirms Robinhood's commitment to diversify its portfolio and harness the growth potential of the crypto economy.