Robinhood Emerges as Third-Largest Bitcoin Wallet Holder, With Holdings Exceeding $9.5 Billion
Robinhood, the prominent fintech brokerage platform, has been revealed as the owner of the third-largest single Bitcoin wallet, containing over $9.5 billion worth of the cryptocurrency, as reported by Coinbase director Conor Grogan in a recent post on X, referencing data from Arkham Intelligence.
According to this data, Robinhood commands nearly 0.7% of Bitcoin’s total supply, positioning it third behind Bitfinex ($12.6 billion) and Binance ($17.4 billion). Grogan highlighted that Robinhood’s Bitcoin holdings have surged by approximately 14% over the past six months, indicating a notable increase in its market share.
Grogan also observed a trend among Robinhood’s users over the same period, noting a decrease in Ethereum (ETH) holdings. The company’s reserves of ETH declined by 9% during this timeframe.
“Retail users are beginning to come back to crypto, just not to ETH so far,” Grogan remarked.
Bitcoin has seen a remarkable surge in value since the start of 2024, experiencing over a 70% increase and reaching a new all-time high of $73,750 in March. In contrast, Ethereum’s returns have been more modest, with a surge of only 58%, failing to surpass its previous high of $4,890 set in late 2021.
In February, Bitcoin benefited from the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission, granted in late January. Additionally, the impending fourth halving of Bitcoin, expected in a few weeks, is often viewed as a catalyst for future positive price movements.
