Retail trading giant Robinhood has been identified as the third largest holder of Bitcoin by blockchain intelligence firm Arkham.
Arkham, which “deanonymizes” blockchains by identifying and labeling addresses through on-chain analysis, has labeled the address beginning with “bc1ql” as “Robinhood: Jump Trading Custody.”
Jump, a Chicago-based trading firm, has been providing crypto services to Robinhood since at least 2019.
Robinhood’s Bitcoin address, which was previously unidentified, is now the third biggest in the world after crypto exchanges Binance and Bitfinex.
According to data from BitInfoCharts, the wallet began accumulating in mid-May, and by late June, was the biggest Bitcoin whale in the world that hasn’t been identified as a crypto exchange.
The Bitcoin address was recorded picking up BTC in varying amounts, with its first receipt in May being 0.25 BTC, and the most recent one being 6,600 BTC. At time of writing, the whale’s address contains 118,300 BTC worth $3,066,545,354.
According to a new report by Bloomberg, Robinhood’s chief legal officer, Dan Gallagher, told members of Congress that the firm was delisting smart contract platforms Solana (SOL), Cardano (ADA), and Polygon (MATIC) after the SEC cracked down on the digital asset industry earlier this week.
In addition, Gallagher told the House Agriculture Committee that Robinhood will also be reviewing its crypto options moving forward.
Gallagher, who himself is a former commissioner of the regulatory agency, says that Robinhood is “actively reviewing” the SEC’s complaints “to determine what, if any, actions to take.”
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The post Robinhood Revealed As Third Biggest Holder of Bitcoin With Massive $3,066,222,950 BTC Stash: Arkham Intelligence appeared first on The Daily Hodl.
