KEY POINTS
- Robinhood's cold storage address holds 0.69% of the world's total BTC
- Coinbase's Grogan noted that Robinhood was the 'biggest gainer by percentage' in the last 6 months
- On the other hand, Robinhood's ETH holdings have decreased by 9% in the said period
Financial services company Robinhood has grown its Bitcoin treasury by a significant 14% in the last six months, on-chain data showed, making the Menlo Park-based firm the "biggest gainer" by percentage in a six-month period.
Conor Grogan, director of crypto exchange giant Coinbase, first broke the news in a series of posts on X (formerly Twitter). "Robinhood's BTC holdings have increased by ~14% in the last 6 months," he wrote Monday, citing data from blockchain intelligence leader Arkham Intelligence. The company's Bitcoin holdings have passed $9.5 billion, as per Arkham data.
Robinhood's BTC holdings have increased by ~14% in the last 6 months; meanwhile user ETH holdings have actually decreased ~9%
— Conor (@jconorgrogan) April 7, 2024
Retail users are beginning to come back to crypto, just not to ETH so far pic.twitter.com/PQLCswHHNF
Grogan further revealed that Robinhood's cold storage address is the third-largest known single Bitcoin wallet that owns 0.69% of all the BTC in the world. The said cold wallet is only behind Bitfinex and Binance in total BTC holdings. He noted that Robinhood is also the "biggest gainer by percentage" during the last six months.
All are estimates pulled together with @ArkhamIntel's tags as well as a few of my own
— Conor (@jconorgrogan) April 7, 2024
Robinhood's cold storage address is the 3rd largest single BTC wallet, owning .69% of all BTC ever made pic.twitter.com/NO5WC3z4AT
Yeah, biggest gainer by percentage!
— Conor (@jconorgrogan) April 7, 2024
News of Robinhood's Bitcoin treasury expansion is particularly significant for the cryptocurrency industry, as observers usually follow the movements of top companies with exposure to digital assets.
Grogan noted that while Robinhood has been expanding its Bitcoin stash, it has also decreased its Ethereum (ETH) holdings by 9% over the same period. Perhaps coincidentally, Whale Alert, which tracks the movement of crypto whales, revealed that quite a number of ETH whales have been moving their Ether holdings in recent days.
On Monday, an ETH whale moved 9,941 ETH worth around $36.2 million to Coinbase. Another whale moved 9,984 ETH worth some $36.6 million, and another transferred 22,975 Ether worth around $83.8 million – the said transactions were made in the last 24 hours. Whale Alert also saw significant ETH movement over the weekend, but not much has been going on with the wallets of Bitcoin whales.
The growth of Robinhood's Bitcoin holdings comes as the world's largest digital asset by market cap nears its halving event – a once-every-four-year event wherein BTC mining rewards are cut in half, resulting in the reduction of new BTC getting out in the market.
Bitcoin has also been on a stellar bull run in the first quarter of the year, erasing the old all-time high to reach $73,000 in March.
Bitcoiners such as Michael Saylor and Brock Pierce have expressed optimism over the path that Satoshi Nakamoto's digital coin will take post-halving. Saylor has urged BTC holders to trust the "timechain," while Pierce projected the possibility of Bitcoin breaking $100,000 this year due to current market conditions.
As of writing, Bitcoin was trading between $70,900 and $71,000.
