1. BITBILIHome
  2. Article

Robinhood unveiled as third-largest Bitcoin holder with $3 billion in assets

• 35 views

TL;DR Breakdown

  • Robinhood has been revealed as the third-largest Bitcoin holder, with $3 billion in BTC assets, trailing only Binance and Bitfinex.
  • The identification of Robinhood as the owner of a mysterious Bitcoin wallet ends months of speculation within the crypto community.
  • Despite its massive Bitcoin holdings, Robinhood reported a decline in crypto trading volumes, with Q2 revenue dropping 18% to $31 million.

Description

Robinhood, the widely-used trading and investment platform, has been identified as the third-largest holder of Bitcoin, boasting about $3 billion in BTC assets. The revelation comes from wallet data provided by Arkham Intelligence and places Robinhood behind only Binance and Bitfinex, which hold $6.4 billion and $4.3 billion in Bitcoin, respectively. For months, the crypto … Read more

Robinhood, the widely-used trading and investment platform, has been identified as the third-largest holder of Bitcoin, boasting about $3 billion in BTC assets. The revelation comes from wallet data provided by Arkham Intelligence and places Robinhood behind only Binance and Bitfinex, which hold $6.4 billion and $4.3 billion in Bitcoin, respectively.

For months, the crypto community had been rife with speculation regarding the owner of a mysterious Bitcoin wallet that had been accumulating a significant amount of the digital asset. Theories had ranged from potential ownership by financial behemoth BlackRock to crypto exchange Gemini. 

However, data provided by Arkham Intelligence has now confirmed that Robinhood is the entity behind the wallet. The trading platform strategically transferred approximately 118,300 Bitcoins to this wallet over a span of three months, starting from March 8 until July 14. These assets are managed by Jump Trading, a crypto trading firm.

Robinhood has not made any public comments regarding these holdings as of Monday.

A decline in trading volumes amidst mammoth holdings

According to Robinhood’s most recent earnings report, the platform earned $31 million from crypto trading in the second quarter, which is an 18% decrease from the $38 million earned in the first quarter. This represents just 16% of the platform’s total trading revenue of $193 million, which experienced a 7% decrease in sequential revenue. It has also been revealed that Robinhood holds a large amount of Bitcoin despite the decrease in crypto trading volumes.

Robinhood now trails only behind crypto giants Binance and Bitfinex, which hold $6.4 billion and $4.3 billion in Bitcoin, respectively. The platform’s significant Bitcoin holdings juxtaposed with its declining trading volumes present a complex picture. While Robinhood has amassed a considerable amount of Bitcoin, the decline in trading volumes could indicate a cautious approach by retail investors or perhaps a strategic shift by the platform itself.

There is no doubt that Robinhood’s massive cache may offer a hedge against market volatility but also expose it to the regulatory scrutiny that is increasingly becoming a focal point in the crypto industry. With Robinhood’s Bitcoin holdings now public, how this will impact the platform’s future strategies and its standing in the crypto community remains to be seen.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Robinhood unveiled as third-largest Bitcoin holder with $3 billion in assets

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月29日 03:04
Next 2023年8月29日 04:01

Related articles

  • Lido DAO (LDO) token contract flaw puts millions at risk—crypto security firm issues critical alert

    TL;DR Breakdown Cryptocurrency security firm SlowMist identified a critical security flaw in the LDO token contract, which has been exploited for “fake deposit” attacks on exchanges. The contract deviates from the ERC20 standard, allowing for transfers that exceed the user’s actual holdings. SlowMist recommends several precautionary measures for exchanges, including additional verification of return values from token contracts, comprehensive analysis of token contract codes, and regular code audits and security checks. Description Cryptocurrency security firm SlowMist recently issued an alert about a security flaw in the LDO token contract, which hackers have exploited to conduct fraudulent deposit attacks on exchanges. The flaw lies in the contract’s non-compliance with the ERC20 standard, which typically mandates that a transfer transaction must be reversed if the sender lacks sufficient funds. … Read more Cryptocurrency security firm SlowMist recently issued an alert about a security flaw in the LDO token contract, which hackers have exploited to conduct fraudulent deposit attacks on exchanges. The flaw lies in the contract’s non-compliance with the ERC20 standard, which typically mandates that a transfer transaction must be reversed if…

    Article 2023年9月11日

  • Santiment predicts fresh Ethereum rally in August

    TL;DR Breakdown Experts at Santiment has predicted that second digital asset Ethereum could experience a rally that will push it above $2,000 next month. Positive indicators fuels confidence in Ethereum’s growth. Description In the ever-evolving world of cryptocurrencies, Ethereum (ETH) continues to hold its position as the second-largest digital asset by market capitalization. Although currently trading below $1,900 per unit, industry experts from Santiment foresee a bullish upturn on the horizon, with ETH potentially clawing its way back to the coveted $2,000 territory in the coming month. … Read more In the ever-evolving world of cryptocurrencies, Ethereum (ETH) continues to hold its position as the second-largest digital asset by market capitalization. Although currently trading below $1,900 per unit, industry experts from Santiment foresee a bullish upturn on the horizon, with ETH potentially clawing its way back to the coveted $2,000 territory in the coming month. Santiment believes Ethereum could break resistance soon Despite recent lackluster market performance, Santiment suggests that Ethereum is reveling in its “under the radar” status, often benefiting from patient investors who see long-term potential in the…

    Article 2023年7月24日

  • FTX-listed altcoins surge due to Twitter and Elon Musk

    TL;DR Breakdown A new NCRI study reveals Elon Musk’s tweets significantly influenced FTX-listed altcoins, causing price spikes. Inauthentic Twitter activity, including bots, was used to manipulate FTX-listed token prices before the exchange’s collapse. The findings expose significant market manipulation and call for stricter regulations and transparency in the crypto market. Description The cryptocurrency market has never been short of drama, but the recent link between one of the world’s largest social media platform, now known as X Corp, and FTX’s altcoins goes beyond anything we’ve seen before. It’s a tale of tweets, bots, and influence, where a single online gesture from a billionaire entrepreneur can cause … Read more The cryptocurrency market has never been short of drama, but the recent link between one of the world’s largest social media platform, now known as X Corp, and FTX’s altcoins goes beyond anything we’ve seen before. It’s a tale of tweets, bots, and influence, where a single online gesture from a billionaire entrepreneur can cause a surge in the cryptocurrency market. Hold on to your digital hats; this one’s a rollercoaster….

    Article 2023年8月3日

  • BOCI launches China’s first tokenized security on Ethereum

    TL;DR Breakdown BOCI issues CNH 200 million digital structured notes in Hong Kong, a first for China. UBS collaborates with BOCI, continuing its work in digital structured notes. The tokenized security was issued on the main Ethereum blockchain, marking a significant move to public blockchain. BOCI, Bank of China’s investment banking subsidiary, has etched its name into the annals of the financial industry by launching China’s inaugural tokenized security in Hong Kong. The innovative issue, valued at CNH 200 million, comprises fully digital structured notes and highlights BOCI’s relentless drive to capitalize on modern technology, thus steering the financial sector closer towards a promising digital future. BOCI’s leap towards digital transformation BOCI’s introduction of the digital structured notes underscores its commitment to technological advancements and digital finance. With a diverse clientele and an extensive array of products, BOCI is well-known for its innovative streak, particularly in issuing structured notes overseas. This move to digitalize securities marks an important milestone in the bank’s relentless pursuit of product innovation. The new tokenized security is not only a triumph for BOCI but also…

    Article 2023年6月15日

  • Thailand’s KBank launches $100 Million fund for Web3 and AI startups

    TL;DR Breakdown Thailand’s KBank has launched a $100 million venture capital fund, KXVC, managed by its tech subsidiary Kasikorn Business Technology Group, to invest in Web3 and AI startups globally. The fund aims to counter the declining investment volumes in the crypto venture capital market by focusing on high-growth startups in emerging technology sectors. KXVC’s global focus, covering the Asia Pacific, the U.S., the EU, and Israel, positions KBank as a leader in technological innovation and could set the stage for future advancements in Web3 and AI. Description Thailand’s financial giant, Kasikorn Bank, commonly known as KBank, has made a new move by earmarking $100 million for a venture capital fund. This fund, known as KXVC, is an initiative spearheaded by the bank’s technological division, Kasikorn Business Technology Group (KBTG). With a global reach that includes the Asia Pacific region, the United States, … Read more Thailand’s financial giant, Kasikorn Bank, commonly known as KBank, has made a new move by earmarking $100 million for a venture capital fund. This fund, known as KXVC, is an initiative spearheaded by the…

    Article 2023年9月15日
TOP