July 16, 2024

With $9.5 billion in Bitcoin holdings, Robinhood is third only to Bitfinex and Binance.

April 08, 2024
1Min Read

With 0.69% of the whole Bitcoin supply, Robinhood's cold storage address has emerged as the third-largest single wallet.

Conor Grogan, director of Coinbase, said in an X post that public fintech broker Robinhood possesses the third-largest Bitcoin wallet, with over $9.5 billion in cryptocurrency, citing data from Arkham Intelligence.

Based on the available statistics, Robinhood holds around 0.7% of the whole supply of Bitcoin (BTC), ranking third only after Bitfinex ($12.6 billion) and Binance ($17.4 billion). The Coinbase official mentioned that during the previous half-year, Robinhood's Bitcoin holdings rose by about 14%, giving them a larger market share.

Grogan also mentioned that during the previous half-year, Robinhood's users sold off their Ethereum (ETH) holdings, while the company's ETH reserves dropped by 9% during that same time frame.

Bitcoin's value has increased by almost 70% since the start of 2024; in March, it reached a new all-time high of $73,750. Ethereum's gains, on the other hand, have been less impressive, rising just 58% and falling short of its prior peak of $4,890, which was reached in late 2021.

The U.S. Securities and Exchange Commission's clearance of spot Bitcoin exchange-traded funds (ETFs), which was given in late January, helped Bitcoin in February. In addition, the cryptocurrency with the biggest market capitalization is about to experience its fourth halving in a few weeks, which is sometimes seen as a sign of impending upward price movements.

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