Bitcoin holdings reach $9.5 billion, ranking third behind Bitfinex and Binance.
Robinhood, a popular fintech broker, has emerged as the owner of the third-largest single Bitcoin wallet, holding approximately 0.69% of the total BTC supply. This information was revealed by Coinbase director Conor Grogan in a recent post on X, citing data from Arkham Intelligence.
According to the data, Robinhood controls almost 0.7% of Bitcoin’s total supply, making it the third-largest holder after Bitfinex (with $12.6 billion) and Binance (with $17.4 billion). Grogan highlighted that over the past six months, Robinhood’s Bitcoin holdings have increased by around 14%, giving the company a larger share of the market.
In addition to its Bitcoin holdings, Robinhood’s users have reduced their holdings in Ethereum. The company’s reserves of ETH have decreased by 9% over the same six-month period.
Bitcoin has seen a significant increase in value since the beginning of 2024, surging by over 70% and reaching a new all-time high of $73,750 in March. On the other hand, Ethereum’s returns have been more modest, with a 58% surge and failing to surpass its previous high of $4,890 set in late 2021.
One factor contributing to Bitcoin’s success is the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission. This approval, granted in late January, has played a role in boosting Bitcoin’s value. Additionally, Bitcoin is expected to undergo its fourth halving in the coming weeks, which is often seen as a catalyst for positive price movements.
In other news, Dogwifhat’s WIF token experienced a 7% jump in value following its listing on Robinhood Crypto. Stay updated with the latest news by following us on Google News.
