Robinhood Emerges as the Third-Largest Bitcoin Holder

Table of Contents

• Wallet identified
• Conjecture

The crypto community has been abuzz with discussions about a mysterious Bitcoin wallet that rapidly accumulated a staggering $3 billion worth of Bitcoin in just three months. The identity of this enigmatic Bitcoin behemoth has finally been unveiled.

Wallet identified

The wallet in question, which surprisingly climbed the ranks to become the third-largest Bitcoin holder globally in merely over three months, has been identified as belonging to Robinhood: Jump Trading Custody, according to insights from blockchain intelligence platform Arkham Intelligence.

The journey of this wallet began on March 8, as per data from BitInfoCharts. In the subsequent three months and two weeks, the wallet amassed an impressive 118,000 BTC, which, at current market rates, is valued at approximately $3.08 billion.

Conjecture

The swift and substantial accumulation of Bitcoin by this single address led to a flurry of theories and conjectures. While some believed it to be a crypto exchange shuffling its funds, others on Crypto Twitter had a more audacious theory. 

It was speculated that the global investment management corporation, BlackRock, might be the entity behind this massive accumulation. This theory, albeit lacking concrete evidence, gained traction when enthusiasts pointed out the timeline of BlackRock's spot Bitcoin ETF filing, which coincided with the wallet's major transactions.

However, with the revelation from Arkham Intelligence, the fog of mystery seems to have lifted. The top two spots for the largest Bitcoin wallets globally are held by Binance and Bitfinex, known for their Bitcoin cold wallets. Following Robinhood's wallet in the third position is another Binance cold wallet.