Recent data from Arkham Intelligence shows that Robinhood, one of the biggest trading and investing apps, holds over $3B worth of Bitcoin. The company has accumulated the crypto within a wallet for several months.

This significant holding ranks Robinhood as the third-largest possessor of Bitcoin, trailing behind cryptocurrency exchanges Binance and Bitfinex, which hold $6.4B and $4.3B worth of $BTC. Despite these developments, Robinhood didn’t issue any public statements about these holdings until today.

The transfers of Bitcoin sparked a range of speculations, encompassing theories that the stash belonged to financial giant BlackRock, which had submitted an application for a Bitcoin ETF earlier in the same year.

In reality, Robinhood directed the transfer of ~118,3k $BTC into this wallet from various smaller wallets over a span of three months. All these tokens are under the custody of cryptocurrency trading firm Jump Trading. The commencement of transactions dates back to March 8, with a continuous influx of substantial Bitcoin amounts taking place until July 14.

Now, Robinhood has entered the list of Bitcoin companies together with Microstrategy, Tesla, SpaceX, and all the publicly traded miners. Will this development tie their stock to Bitcoin’s movements? Most probably…