Robinhood Identified as Third-Largest BTC Wallet Owner
The previously unidentified large BTC wallet that sparked widespread conjecture and analysis recently was identified last week. According to wallet data from Arkham Intelligence, investing and trading platform Robinhood holds over $3 billion in Bitcoin in this single BTC wallet, placing it behind only Binance and Bitfinex as one of the largest holders of Bitcoin.
The identification of the BTC wallet solves one of the more perplexing riddles that had captured the attention of market analysts and cryptocurrency enthusiasts. For several months, speculation was rampant about who could own such a large amount of Bitcoin. Robinhood has yet to make a public statement regarding these holdings.
Arkham Intelligence confirmed to CoinDesk that the cryptocurrency trading firm Jump Trading is the custodian of the wallet. The firm specializes in algorithmic and high-frequency trading strategies and has now been linked to Robinhood's considerable Bitcoin holdings.
Interestingly, the revelation about Robinhood’s BTC wallet holdings comes amid a decline in cryptocurrency trading volumes on its platform. According to the company’s most recent earnings release, Robinhood reported a crypto trading revenue of just $31 million in the second quarter, marking an 18% decrease from the $38 million reported in the first quarter. The decline is also part of a broader 7% sequential drop in total trading revenue across all categories.
The BTC wallet, now known to be owned by Robinhood, has been a focal point of discussion and speculation. Initially, it was believed that more prominent financial institutions or cryptocurrency exchanges could be behind this massive accumulation. The wallet's Bitcoin value fluctuates in accordance with market conditions,
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