U.S. financial services company Robinhood has emerged as the third largest holder of a BTC wallet, which holds funds related to users' obligations to protect the cryptocurrency.
According to the latest data, Robinhood owns 118,300 bitcoins (BTC), valued at $3.07 billion.
The Arkham Intelligence report revealed that all the bitcoins are stored at an address starting with "bc1ql". According to the transaction history, the balance was about $5,400 in bitcoins in mid-May. However, by May 25th, it already contained about $1.4 billion in bitcoins, and by mid-June, it held $3 billion in bitcoins.
The funds at the address are held by Jump Trading, a Chicago-based trading firm known for providing Robinhood with crypto trading features, according to CrouptoSlate.
The Robinhood address is the third largest bitcoin wallet in the world, with an address owned by Binance in first place with 248,597 BTC ($6.5 billion) and Bitfinex in second place with 178,010 BTC ($4.6 billion).
It is worth noting that the actual crypto assets of the companies are much larger, as each of them owns several wallets.
Earlier, in its quarterly report, Robinhood reported that as of June 30, 2023, it held $11.5 billion in assets related to its users' obligations to protect cryptocurrencies.
Read also: Binance may leave Russian market.
