Since May 8 of last year, one Bitcoin address has started accumulating a balance, reaching 118,300 BTC at the time of writing. Currently, this bitcoin whale is the third largest address with the most BTC.
In accordance with Data powered by Arkham Intelligence, a Bitcoin funds tracking platformthe direction bc1q…59v2 belongs to Robinhood Markets Inc., a financial company that has been providing cryptocurrency buying and selling services since 2018.
It’s specifically about that a company called “Robinhood: Jum Trading Custody”, and has so far amassed the equivalent in bitcoin to $3,080 million. One of the most notable transfers came from the Gemini exchange, as he showed yesterday the reporter Colin Wu on the platform X.
Since the release of the information, some people have they speculated that it could be a cryptocurrency exchange consolidating its funds. Others dared Point to BlackRock, a company that manages investments, as a possible owner of the previously mysterious address because they filed an application to manage a Bitcoin-based ETF in June, CriptoNoticias reports. According to this argument, BlackRock would need to raise funds in BTC to support its ETF, although this is not true.
In any case, the Robinhood team has not provided any information on the address in question, which is among the top addresses with the most resources, right behind Binance Cold Wallet (248,597 BTC) and Bitfinex Cold Wallet (178,010 BTC). accordingly BitInfoCharts.
in the latest report The company’s financial statements also do not reflect the money movements in Bitcoin. However, this is evident in the last quarter The company saw an 18% drop in revenue from cryptocurrency trading. compared to the previous quarter. Specifically, Robinhood received $31 million in benefits.
Actually, Robinhood’s cryptocurrency trading volume fell by 68%. until it reaches $2,100 million in May 2023.
This decline could be related to that a decrease in the number of users The company’s monthly revenue fell to 10.8 million, down 1 million from the previous month and down 3.2 million in the year-on-year period.
In June of this year, Robinhood took three cryptocurrencies off its platform after the US Securities and Exchange Commission filed a lawsuit against Binance and Coinbase, CriptoNoticias reported. This circumstance may have contributed to the decline in revenue and user numbers over the past two months.