Robinhood Revealed As Third Biggest Holder of Bitcoin With Massive $3,066,222,950 BTC Stash: Arkham Intelligence

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.”

Buy physical gold and silver online

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.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix


Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
Shutterstock/Chuenmanuse

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.

About the author

Why invest in physical gold and silver?
文 » A