Coinbase Director Reports Robinhood’s Bitcoin (BTC) and Cryptocurrency Holdings Surpass $23.59 Billion, Marking a 14% Increase in Only Six Months
Robinhood, the American retail trading giant, has reportedly seen significant growth in its digital asset holdings over the past six months, according to an expert in blockchain analysis. Conor Grogan, director at Coinbase, analyzed data from the blockchain intelligence firm Arkham and estimated that Robinhood’s Bitcoin (BTC) holdings have grown by 14%, reaching a total value of $23.59 billion. However, Grogan also noted a decrease in Robinhood users’ Ethereum (ETH) holdings. He stated, “Robinhood’s BTC holdings have increased by approximately 14% in the last six months, while user ETH holdings have actually decreased by around 9%. Retail users are starting to return to crypto, but not to ETH at the moment.”
Grogan further revealed that based on his analysis of Arkham’s data, Robinhood’s BTC wallet is now the third largest in existence, trailing only behind popular crypto exchanges Binance and Bitfinex. He added, “These are all estimates compiled using Arkham’s tags as well as some of my own. Robinhood’s cold storage address is the third largest single BTC wallet, owning 0.69% of all BTC ever created.”
In addition, Grogan pointed out that Robinhood missed out on a potential 1,300% gain by not holding Solana (SOL), as the company chose to avoid it due to its classification as an unregistered security by the U.S. Securities and Exchange Commission (SEC). Meanwhile, the current trading price of Bitcoin stands at $71,869.
Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, and it is important to be aware that transfers and trades are done at one’s own risk.