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The Reddit account u\/Andreifromalberta published research two days ago claiming that Robinhood (Nasdaq: HOOD) holds more bitcoin (BTC) than Microstrategy. Andrei is the same investigator who four months ago published information on the infamous dogecoin (DOGE) wallet dubbed \u201cDH5\u201d, which is currently the largest DOGE wallet.<\/p>\n
He wrote about the subject in February, when the \u201cDH5\u201d address became a hot topic. Andrei detailed how onchain analysis led to this conclusion in a r\/dogecoin Reddit post, claiming that findings suggest the corporation Robinhood is the owner of the \u201cDH5\u201d dogecoin address.<\/p>\n
The online brokerage firm Robinhood had an initial public offering (IPO)<\/a> this week, and in an interview on May 6, the company\u2019s CEO Vlad Tenev discussed the firm\u2019s crypto positions. According to Tenev\u2019s remarks at the Robinhood fireside chat in May, the exchange supposedly only gave consumers access to their specific assets.<\/p>\n
Furthermore, Andrei wonders if, if Robinhood uses the same cold storage strategy for BTC and DOGE, \u201cwouldn\u2019t it also make sense for them to use the same strategy for the other 5 Cryptos that they provide for trading (ETH, LTC, BCH, ETC, BSV)?\u201d All of the aforementioned coins, as well as \u201cthe top rich addresses belonging to Robinhood on various blockchains,\u201d according to the armchair sleuth.<\/p>\n
The bitcoin (BTC) address beginning with \u201c1P5\u201d has accumulated 113,842 BTC since February 2019. Coincidentally, the DH5 dogecoin address and the \u201c1P5\u201d bitcoin address both began accumulating at the same moment.<\/p>\n
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Andrei\u2019s report says, \u201cWith over 2 million ETH, it was seeded in exactly the same manner.\u201d The Redditor also provided an article that explains why the wealthiest crypto addresses are still crucial.<\/p>\n
\u201cAs a custodian for RH crypto clients, Robinhood (RH) controls more BTC (116K) than Microstrategy (105K),\u201d the Redditor concluded. \u201cOverall, 10 million crypto Robinhooders are savvy money, heavily purchasing the bitcoin and crypto drop since the May crisis. \u201cWallets are urgently needed to provide millions of RH investors the flexibility of self-custody,\u201d the investigator noted.<\/p>\n
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