Robinhood Emerges as Third-Largest Bitcoin Wallet

Robinhood’s cold storage address has emerged as the third-largest single Bitcoin wallet, boasting ownership of 0.69% of the total BTC supply.

Public fintech broker Robinhood turned out to be the owner of the third largest single Bitcoin wallet, holding over $9.5 billion worth of the crypto, according to data from Arkham Intelligence.

According to the data, Robinhood controls nearly 0.7% of Bitcoin’s (BTC) total supply, ranking third only to Bitfinex and Binance. Over the past six months, Robinhood’s Bitcoin holdings have increased by approximately 14%, expanding its market share.

It’s worth noting that over the same period, Robinhood’s users have decreased their holdings in Ethereum (ETH), with the company’s reserves of ETH declining by 9%.

“Retail users are beginning to come back to crypto, just not to ETH so far,” said Conor Grogan, Coinbase director.

Since the beginning of 2024, Bitcoin has experienced over a 70% increase in value, reaching a new all-time high in March. On the other hand, Ethereum’s returns have been more modest, with a surge of only 58%.

In February, Bitcoin benefited from the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission. Additionally, the largest crypto by market capitalization is poised to undergo its fourth halving in a few weeks, a development often seen as a catalyst for future positive price movements.