Robinhood Revealed to Be Third-Largest Bitcoin Holder With $3B in BTC

Robinhood transferred some 118,300 bitcoin to the wallet from several other smaller wallets over a three-month period.

AccessTimeIconAug 28, 2023 at 10:02 a.m. UTC
Updated Aug 28, 2023 at 11:00 p.m. UTC

Investing and trading platform Robinhood (HOOD) holds over $3 billion in bitcoin (BTC) in a single wallet that attracted the holdings over several months, wallet data from Arkham Intelligence shows. This makes it the third-largest bitcoin holder behind crypto exchanges Binance and Bitfinex, which hold $6.4 billion and $4.3 billion worth of tokens on single wallets respectively.

The wallet previously gained notoriety among market watchers in the past few months as the identity of its owners sparked conversations and concerns about who the mysterious owner of such a large amount of bitcoin could be.

As of Monday, Robinhood has not publically commented on these holdings.

The transfers sparked speculations ranging from the bitcoin holdings belonging to financial behemoth BlackRock, which filed for a Bitcoin ETF earlier this year, to crypto exchange Gemini shifting its users’ holdings to a wallet.

Robinhood transferred some 118,300 bitcoin to the wallet from several other smaller wallets over a three-month period, data shows. The firm told CoinDesk that it custodies all customer assets, including bitcoin.

All of these holdings are held on the Bitcoin blockchain. The first transactions were made on March 8, after which huge amounts of bitcoin were transferred until July 14, data from BitInfoCharts show.

Meanwhile, the holdings shed light on the extent of Robinhood’s bitcoin exposure despite low crypto trading volumes on its platform.

Robinhood reported crypto trading revenue of just $31 million in the second quarter, down 18% from the $38 million in the first quarter, according to its latest earnings release. The figures were 16% of the $193 million in trading revenue across all categories, which saw a 7% sequential decline, as previously reported.

Correction (23:00 UTC 8/28/2023) A previous version of this article stated that Robinhood custodies assets with Jump Trading.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.