Robinhood, an investing and trading platform, has become the third-largest Bitcoin holder after accumulating $3 billion worth of BTC in three months. This wallet address had attracted attention, with some speculating that it belonged to Winklevoss-led Gemini or asset management giant BlackRock. However, Arkham Intelligence data showed that Robinhood is, in fact, behind the wallet. The wallet is now behind the cold wallets controlled by crypto exchanges Binance and Bitfinex which hold $6.4 billion and $4.3 billion worth of BTC, respectively. Initially, it was reported that the wallet was a new address wherein Gemini had moved some portion of its BTC holdings. The speculation regarding BlackRock aligned with heightened enthusiasm regarding the potential for a spot Bitcoin ETF. The largest transaction involving the address occurred on May 16, one month before BlackRock submitted its application for a spot Bitcoin ETF to the Securities and Exchange Commission (SEC). Despite the latest findings, Robinhood is yet to officially respond to the claim. The investment platform’s crypto revenue plunged by over 20% in Q2 2023 to $31 million, which was attributed in part to the company’s decision to remove digital assets that were classified as securities by the US SEC. Despite the underwhelming performance, Robinhood’s CEO Vlad Tenev assured that the brokerage company will remain an active investor in the digital asset sector. The latest Bitcoin holdings provide insight into the scope of Robinhood’s exposure to Bitcoin even as the market faces tremendous downside pressure.

This News Article was automatically generated by Bob the Bot(AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	SEC, BlackRock, Winklevoss, Vlad Tenev, Gemini
Companies	Robinhood, SEC, BlackRock, Binance, Bitfinex
Currencies	ethereum, polyg, solana, cardano, bitcoin
Securities