Bitcoin (BTC) price remains stable as Robinhood turns out to be the third largest holder

Investing and trading platform Robinhood (HOOD) holds over $3 billion worth of Bitcoin (BTC) in a single wallet, which has been spiking holdings for several months, wallet data from Arkham Intelligence shows. This makes it the third-largest Bitcoin holder behind crypto exchanges Binance and Bitfinex, which hold $6.4 billion and $4.3 billion worth of tokens on individual wallets, respectively.

The wallet has already gained notoriety among market watchers in recent months, as the identity of its owners sparked debate and concern over who the mysterious owner of such a large amount of Bitcoin could be.

As of Monday, Robinhood has not publicly commented on these holdings.

Data shows that over a three-month period, Robinhood transferred around 118,300 bitcoin to the wallet from several other smaller wallets. Those tokens are being held by crypto trading firm Jump Trading, Arkham officials confirmed to CoinDesk in a Telegram message.

All of these holdings are held on the Bitcoin blockchain. The first transactions took place on March 8, after which huge amounts of Bitcoin were transferred until July 14, data from BitInfoCharts shows.

Meanwhile, the holdings shed light on the extent of Robinhood’s Bitcoin exposure despite low crypto trading volumes on its platform.

Robinhood reported crypto trading revenue of just $31 million in Q2, down 18% from Q1’s $38 million, according to its latest earnings release. The numbers represented 16% of the $193 million in retail revenue across all categories, which was down 7% sequentially, as previously reported.

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