Robinhood, a well-known fintech broker, is currently the third-largest Bitcoin wallet globally, trailing only Bitfinex and Binance with over $9.5 billion in Bitcoin. In a recent post, Coinbase director Conor Grogan disclosed this information based on data acquired by Arkham Intelligence.
Grogan claims that Robinhood has significantly increased its ownership of BTC from roughly 14% during the past six months to approximately 0.69% currently. Even though it is now trailing Binance ($17.4 billion) and Bitfinex ($12.6 billion), this move raises Robinhood’s profile in the market.
Bitcoin’s Surge Contrasts Ethereum’s Modest Returns
Notably, even as the company increased its BTC reserves, Robinhood’s holdings in Ethereum (ETH) decreased by 9% during that same time frame, indicating a change in customer preferences.
Since the start of the year, the value of BTC has grown significantly—by over 70%—and peaked in March 2024 at $73,750. In contrast, Ethereum saw a 58% increase but was unable to surpass its previous peak, which was reached in late 2021 at $4,890.
The reason behind the recent spike in interest in cryptocurrencies is the U.S. Securities and Exchange Commission’s license of spot Bitcoin exchange-traded funds (ETFs), which was granted in late January. In addition, there has been a rise in anticipation for the fourth planned BTC halving in the coming weeks.
