[NEWS] Robinhood becomes third largest in the world in terms of Bitcoin held at a single address

Robinhood, a US investment app, has been found to hold more than $3 billion (approximately 440 billion yen) worth of Bitcoin (BTC). This was revealed by data from blockchain analysis company Arkham Intelligence.

According to a ranking by data collection platform BitInfoCharts, Robinhood is now the third largest Bitcoin holder in the world in a single address, after major cryptocurrency exchanges Binance and Bitfinex.

At the time of writing, Binance holds 248,597 BTC, worth approximately $6.4 billion (933 billion yen), while Bitfinex holds 178,010 BTC, worth approximately $4.6 billion (674 billion yen). In comparison, Robinhood holds 118,300 BTC.

The identity of this wallet address has not been revealed until now, and it has been shrouded in mystery. Due to the large amount of Bitcoin sent over the past few months, there was speculation that the address may be a wallet address of cryptocurrency exchange Gemini or BlackRock, the world's largest asset management company.

According to Robinhood's financial results announced this month, the company's revenue from cryptocurrency trading in the second quarter was $31 million (approximately 4.5 billion yen), down 18% from the previous quarter. The number of monthly active users also decreased by 1 million to 10.8 million.

Meanwhile, Robinhood's stock trading platform revenue increased 10% from the previous quarter to $486 million (approximately 71.1 billion yen), turning a profit. This is the first time Robinhood has turned a profit since going public.

Reference: Arcam Intelligence, BitInfoChart
Image: Shutterstock