Robinhood has become the third largest holder of $3 billion worth of bitcoin
Brokerage platform Robinhood has become the third largest holder of $3 billion worth of bitcoin
More than 118.3k bitcoins were found on one of the brokerage platform's wallets
Brokerage platform Robinhood stores more than $3 billion in bitcoins (BTC) in a cryptocurrency wallet where the assets have been flowing for months, Arkham Intelligence data shows.
This makes the wallet the third-largest Bitcoin holder after cryptocurrency exchanges Binance and Bitfinex, which hold $6.4 billion and $4.3 billion in assets in separate wallets, respectively.
Robinhood transferred about 118,300 bitcoins from several other wallets to the wallet over a three-month period. These tokens are held by Jump Trading, Arkham representatives clarified to CoinDesk.
Robinhood's cryptocurrency revenue fell 18% in the second quarter of 2023. Over the past year, total revenue for Robinhood's brokerage platform has fallen 4%, from $202 million to $193 million.
In June, it was reported that Robinhood would delist three cryptocurrencies due to U.S. Securities and Exchange Commission (SEC) lawsuits against crypto exchanges Binance and Coinbase. The brokerage platform said it will drop support for Solana, Cardano, and Polygon digital coins.
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