country flag
  1. Home
  2. Trading News
  3. Broker News

Robinhood Emerges As Third-Largest Bitcoin Holder Despite Crypto Slump

Contributor Image
Written By
William Berg
Contributor Image
Written By
William Berg
Securities Law Expert
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
» William Berg Profile Page
Contributor Image
Edited By
James Barra
Contributor Image
Edited By
James Barra
Head of Content
James is Head of Content and a brokerage expert with a background in financial services. A former management consultant, he's worked on major operational transformation programmes at top European banks. A trusted industry name, James's work at DayTrading.com has been cited in publications like Business Insider.
» James Barra Profile Page
Contributor Image
Fact Checked By
Tobias Robinson
Contributor Image
Fact Checked By
Tobias Robinson
CEO and Head of Broker Testing Panel
Tobias is the CEO of DayTrading.com, an active investor, and a brokerage expert. He has over 30 years of experience in financial services, including supervising the reviews of more than 500 trading brokers, and contributing via CySEC to the regulatory response to digital options and CFD trading in Europe. Tobias' expertise make him a trusted voice in the industry, where he's been quoted in various financial organizations and outlets, including the Nasdaq.
» Tobias Robinson Profile Page
Updated
Mar 8, 2026

Published on: Aug 29, 2023 

Data from Arkham Intelligence shows that Robinhood transferred 118,300 Bitcoin to a single wallet over three months. This raises questions about the firm’s exposure to Bitcoin, especially given its declining crypto trading volumes and legal troubles.

Key Takeaways

  • Robinhood holds around $3.25 billion in Bitcoin, making it the third largest BTC holder behind Binance ($6.5 billion) and Bitfinex ($4.6 billion).
  • The data suggests that Robinhood is emerging as a major crypto venue in the US, potentially capitalizing on the decline of FTX and Binance US.
  • Robinhood is still battling allegations of market manipulation after it halted trading in several meme stocks, including GameStop.

Robinhood Holds Over $3 Billion In Bitcoin

The crypto wallet, which begins “bc1ql”, started attracting interest in recent months as its holdings began to swell and its owner remained a mystery.

It has since emerged that the wallet belongs to Robinhood, who moved billions worth of Bitcoin into it between 8 March and 14 July this year.

The wallet likely represents a significant portion of the firm’s Bitcoin holdings, which it manages on behalf of clients.

The US-headquartered discount brokerage also holds over $7 billion in other cryptos, including Ethereum and Dogecoin.

Market Headwinds See Crypto Trading Volumes Fall

Despite winning market share from rivals, Robinhood’s crypto trading volumes have slumped in recent months, as the two big players, Bitcoin and Ethereum, have experienced limited price action.

Robinhood earned $31 million in revenue from crypto transactions in the second quarter, nearly half of the $58 million it earned in the same quarter last year, according to the latest earnings report.

Implications For The Market

Such large amounts of Bitcoin have historically been held by traditional crypto exchanges. Now Robinhood, whose client base is known for their active short-term trading, including in meme stocks like AMC and GameStop, could potentially have a sizeable impact on the crypto market.

And while crypto exchanges don’t have a strong track record, Robinhood has also been in the crosshairs for its treatment of customers and their funds. Only last Friday the firm suffered a defeat in a Massachusetts court in its battle with state securities regulators.

Ultimately, some crypto investors will have concerns about whether Robinhood can be trusted. The brand may find that some aspiring traders turn to reputable crypto brokers instead.