- According to a Reddit user and armchair sleuth, AndreifronAlberta, Robinhood owns the largest Dogecoin wallet address.
- The Redditor noted that Robinhood holds more BTC than MicroStrategy.
A Reddit account, AndreifromAlberta, has claimed that the largest Dogecoin address and third-largest Bitcoin wallet belongs to American financial services company Robinhood. As the alleged owner of the third-largest BTC wallet, this signifies that Robinhood holds more Bitcoin than MicroStrategy.
Redditor claims Robinhood owns largest Dogecoin wallet
Before now, the Reddit user published research on a particular Dogecoin wallet- “DH5,” the wallet address with the largest DOGE. As such, DH5 became a topic of discussion among members of the crypto community in February. Andrei also posted regarding the topical issue at the time. In the post, the armchair sleuth tied the Dogecoin address to Robinhood. According to Andrei, Robinhood owns the largest Dogecoin address DH5 and the third-largest Bitcoin wallet, 1P5.
More recently, Andrei claimed again that the online brokerage owns DH5, the wallet with the largest amount of Dogecoin. In addition to owning Dogecoin, the researcher said that Robinhood has the third-largest BTC wallet. Furthermore, the Reddit user added that Robinhood possesses other large wallets from top cryptocurrencies like Ethereum (ETH) and Bitcoin Cash (BCH). Andrei’s report revealed Robinhood controls rich-list wallets from six top cryptocurrencies.
Notably, the BTC wallet was created around the same time the DH5 Dogecoin wallet began. The Bitcoin address started accumulating in February 2019 and currently holds about 113,842 BTC. With such a high amount, it makes the wallet one of the largest holders in the market.
Robinhood allegedly controls top crypto wallet addresses
The Reddit user believes that Robinhood adopted the same Bitcoin and Dogecoin storage method for the other cryptos 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,” belongs to Robinhood. The report further suggested that the American financial services company owns the second-largest BCH address, “16N.” Andrei pointed to the fact that the wallet addresses were established around the same time and accumulated with the same pattern.
The armchair sleuth stated:
Robinhood (RH) indeed owns more BTC (116k) than MicroStrategy (105K), as a custodian for RH crypto clients. In aggregate, 10+ million crypto Robinhooders are actually smart money, heavily buying the bitcoin and crypto dip since the crash in May. Wallets are urgently needed to give the freedom of self-custody to millions of RH investors.