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The investment app bought billions of dollars in bitcoins in just a few months

The investment app bought billions of dollars in bitcoins in just a few months

The neat thing about blockchain technology is that transactions are public, so you can often find out who the biggest owners are. The same applies to the Bitcoin (BTC) network. An address has accumulated a massive amount of bitcoin over the past few months. Now it seems to be known who owns this address.

Who owns this bitcoin wallet?

On chain data from Blockchain.com shows that an address contains a whopping 118,300 BTC. It’s not about the bitcoin wallet of MicroStrategy, which offers even more. It has not yet been officially confirmed who owns the address, but it appears that it belongs to Robinhood, a popular US trading app.

At least, blockchain analytics service Arkham Intelligence thinks it’s Robinhood. If that’s true, then the trading platform is now one of the largest Bitcoin holders. In total, Robinhood currently owns $3.08 billion in BTC, or $2.7 billion.

There was also earlier this week rumours that the address may have belonged to BlackRock. This gigantic wealth manager applied for it exchange traded fund (ETF) for Bitcoin, which could mean that a significant amount of Bitcoin has already been invested to later use for the fund.

But Robinhood, like other publicly traded companies, must disclose its financial position to the US Securities and Exchange Commission (SEC). A 10-Q filing with the SEC said the trading platform’s balance sheet totaled $4.24 billion in BTC. The document shows the quarterly figures whose cut-off date is June 30th.

Possibly not all BTC from Robinhood

The Bitcoin rate The transaction price at the time was around $30,500, which would mean he owned around 139,000 BTC in total. The company will have more wallet addresses than this, but the amount is remarkably similar to the amount in the mysterious wallet.

Robinhood is a trading platform, which means the coins are unlikely to come exclusively from Robinhood itself. That’s a big reason why it was earlier this year owned over 24% of all Dogecoin (DOGE)..

However, the exact details of the address are not yet clear, so it is still possible that it is on the company’s own balance sheet. It’s no secret that some exchanges deliberately hold certain coins as investments. It has that too Coinbase accordingly Bitcoin Treasury Bonds over 9,000 BTC reserved for themselves.

In addition to Robinhood and Microstrategy, there are even larger BTC wallets. This mainly affects the major crypto exchanges. According to the investment firm, River owns Bitfinex over 192,000 BTC and Binance almost 500,000 BTC.

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