The mystery wallet worth $3bn now reportedly has an owner.
Robinhood, a trading and investing platform, reportedly holds over $3bn worth of Bitcoin (BTC) in its wallet.
During the three-month period, Robinhood’s wallet received a total of 118,300 Bitcoin from various smaller wallets. The first notable transaction took place on May 16th with 3,400 BTC. And the last one was on June 28th with 6,600 BTC.
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Based on the data from Arkham Intelligence, the funds were accumulated over several months, with the earliest transaction being 4 months ago. The highest peak the funds reached was on July 14th, with $3.7bn in the wallet.
Reportedly, the assets were secured by a crypto trading firm Jump Trading.
This makes Robinhood the third-largest Bitcoin holder in the world, behind Binance with $6.4bn and Bitfinex, which holds $4.3bn worth of tokens.
The wallet was previously titled as a mystery one, which sparked a discussion among crypto enthusiasts.
As the news broke mid-August, some speculated that the wallet belongs to a financial firm BlackRock, who recently announced plans to establish a Bitcoin exchange-traded fund. Others guessed it might be Gemini shifting its user funds around.
The speculation on who could own the mystery wallet is further stoked by Robinhood’s financial situation. According to the report on Q2 2023 results, the platform’s total net revenue was $486m, and net income was $25m. The report stated that based on Q2 results, the “expense outlook for 2023 has improved.”
However, in June, the company let go 7% of its workforce (about 150 employees), citing workload and team changes as some of the reasons behind the decision.
