The stock broker is now reportedly the largest BTC holder after Binance and Bitfinex.
Robinhood's crypto trading volume dropped 38% YoY to $3.4 billion in July.
Robinhood,
the commission-free brokerage, holds over 118,000 Bitcoin (BTC) worth more than $3
billion, according to data from Arkham Intelligence, a
blockchain analytics company. This makes the brokerage owner the
third-largest BTC address after cryptocurrency exchanges, Binance and
Bitfinext, data from another firm,
BitInfoCharts, shows.
Robinhood
Unmasked as Third Largest Bitcoin Holder
According
to BitInfoCharts, a Binance cold wallet address with over 249,000 BTC, which is worth
approximately $6.5 billion (at the current market price) is the largest single
BTC wallet. This is followed by Bitfinex’s cold wallet that currently holds over 178,000
BTC, which is worth about $4.7 billion. Another Binance
cold wallet with over 115,000 BTC worth $3 billion comes in fourth after
Robinhood.
The
attribution of Robinhood to the BTC address occurred after months of online speculation about the
owner of the BTC holding.
Previously, spectators attributed the address to Gemini, a crypto exchange, and
BlackRock, the world’s largest asset manager. In June, BlackRock’s
submission for a crypto exchange-traded fund with the US Securities and
Exchange Commission inspired a
flurry of similar applications by other firms in the industry.
Shrinking
Crypto Trading Volume
Meanwhile, data on BitInfoCharts’ website shows that BTC was first sent
to the address, now
attributed to Robinhood, on May 8, 2020. The address reportedly
received the last BTC transfer yesterday (Sunday).
However, the American
online trading provider’s massive build-up of its crypto holding comes at a
time when the broker is seeing a decline in digital asset
trading on its platform. In July, the total volume of
cryptocurrency traded on Robinhood declined 38% to $3.4 billion compared to the $5.5 billion
generated during the same month in 2022, Finance
Magnates reported.
Furthermore,
the firm saw its revenue from cryptocurrency transactions decrease 18% to $31
million during the
second quarter of 2023. This is even as the number of monthly active users of the platform dropped a million users to 10.8 million.
Nonetheless,
Robinhood during the recent quarter posted its fifth consecutive
quarter of revenue growth. Specifically, the stock trading platform saw its
revenue jump 10% to
$486 million during the last quarter. Moreover, the firm
generated its first GAAP profitability during the period. This means
that the earnings were calculated in line with the generally accepted
accounting principles (GAAP).
Meanwhile,
while Robinhood recently lost its case against the Massachusetts
Secretary of State, Bill Galvin, at the Supreme Judicial Court of
Massachusetts, the broker emerged victorious in a legal
action initiated
by a group of investors who dragged the platform to court over trading restrictions it had imposed during the meme stock frenzy in 2021.
Robinhood,
the commission-free brokerage, holds over 118,000 Bitcoin (BTC) worth more than $3
billion, according to data from Arkham Intelligence, a
blockchain analytics company. This makes the brokerage owner the
third-largest BTC address after cryptocurrency exchanges, Binance and
Bitfinext, data from another firm,
BitInfoCharts, shows.
Robinhood
Unmasked as Third Largest Bitcoin Holder
According
to BitInfoCharts, a Binance cold wallet address with over 249,000 BTC, which is worth
approximately $6.5 billion (at the current market price) is the largest single
BTC wallet. This is followed by Bitfinex’s cold wallet that currently holds over 178,000
BTC, which is worth about $4.7 billion. Another Binance
cold wallet with over 115,000 BTC worth $3 billion comes in fourth after
Robinhood.
The
attribution of Robinhood to the BTC address occurred after months of online speculation about the
owner of the BTC holding.
Previously, spectators attributed the address to Gemini, a crypto exchange, and
BlackRock, the world’s largest asset manager. In June, BlackRock’s
submission for a crypto exchange-traded fund with the US Securities and
Exchange Commission inspired a
flurry of similar applications by other firms in the industry.
Shrinking
Crypto Trading Volume
Meanwhile, data on BitInfoCharts’ website shows that BTC was first sent
to the address, now
attributed to Robinhood, on May 8, 2020. The address reportedly
received the last BTC transfer yesterday (Sunday).
However, the American
online trading provider’s massive build-up of its crypto holding comes at a
time when the broker is seeing a decline in digital asset
trading on its platform. In July, the total volume of
cryptocurrency traded on Robinhood declined 38% to $3.4 billion compared to the $5.5 billion
generated during the same month in 2022, Finance
Magnates reported.
Furthermore,
the firm saw its revenue from cryptocurrency transactions decrease 18% to $31
million during the
second quarter of 2023. This is even as the number of monthly active users of the platform dropped a million users to 10.8 million.
Nonetheless,
Robinhood during the recent quarter posted its fifth consecutive
quarter of revenue growth. Specifically, the stock trading platform saw its
revenue jump 10% to
$486 million during the last quarter. Moreover, the firm
generated its first GAAP profitability during the period. This means
that the earnings were calculated in line with the generally accepted
accounting principles (GAAP).
Meanwhile,
while Robinhood recently lost its case against the Massachusetts
Secretary of State, Bill Galvin, at the Supreme Judicial Court of
Massachusetts, the broker emerged victorious in a legal
action initiated
by a group of investors who dragged the platform to court over trading restrictions it had imposed during the meme stock frenzy in 2021.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
Marex Reports Strong Full Year and Quarterly Results: Revenue Jumps 75%
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa