A Reddit account, AndreifromAlberta, said the largest Dogecoin address and third largest Bitcoin wallet belong to the American financial services firm Robinhood. As the alleged owner of the third largest BTC wallet, this means Robinhood holds more Bitcoin than MicroStrategy.
Redditor says Robinhood owns the largest Dogecoin portfolio
Before now, the Reddit user posted a search on a particular Dogecoin wallet: “DH5”, the address of the largest DOGE wallet. As such, DH5 became a topic of discussion among crypto community members in February. Andrei also posted about the topical topic at the time. In the post, the armchair detective tied the Dogecoin address to Robinhood. According to Andrei, Robinhood owns the largest Dogecoin DH5 address and the third largest Bitcoin wallet, 1P5.
More recently, Andrei again claimed that the online broker owns DH5, the wallet with the largest amount of Dogecoin. In addition to owning Dogecoin, the researcher said Robinhood has the third largest BTC wallet. Additionally, the Reddit user added that Robinhood owns other large wallets of major cryptocurrencies such as Ethereum (quotation ETH) and Bitcoin Cash (BCH). Andrei's report revealed that Robinhood controls rich portfolios of six major cryptocurrencies.
Specifically, the BTC wallet was created around the same time that the Dogecoin DH5 wallet started. The Bitcoin address started piling up in February 2019 and currently holds around 113.842 BTC. With such a large amount, it makes the wallet one of the largest holders in the market.
Robinhood supposedly checks the addresses of major crypto wallets
Reddit user believes Robinhood has adopted the same storage method as Bitcoin and Dogecoin for the other cryptocurrencies it offers for trading. The other five cryptocurrencies available for trading on Robinhood include ETH and Litecoin (LTC). Others are BCH, Ethereum Classic (ETC) and Bitcoin SV (BSV).
In the report, Andrei suspects that the fourth largest ETH address, "0x7", and the second largest LTC address, "LQT", belong to Robinhood. The report also suggested that the US financial services firm owns the second largest BCH address, "16N". Andrei pointed out that the portfolio addresses were established in the same period and accumulated with the same scheme.
Robinhood (RH) in fact owns more BTC (116k) than MicroStrategy (105K), as custodian for RH's crypto clients. Overall, over 10 million Robinhooder cryptocurrencies are actually smart money, heavily buying bitcoin and cryptocurrencies since the May crash. Portfolios are urgently needed to give the freedom of self-custody to millions of RH investors.