Research: Robinhood Owns Largest Dogecoin Address After All?
A desk research builds a case that Robinhood is in fact the owner of the single dogecoin address that holds over 36 billion DOGE, and also raises questions whether the trading app company controls 3rd largest BTC wallet.
Earlier this year, the crypto community was puzzled with ownership of a single dogecoin address being the largest dogecoin holder with over 36 billion DOGEs. A desk researcher studied a series of chain transactions and suspected that the Robinhood company owned the wallet. Now the same individual has investigated the issue again and claims that the latest findings help confirm that the dogecoin wallet actually belongs to Robinhood – something the popular trading app company has denied in the past. Also, the person suspects that Robinhood also controls the third largest bitcoin wallet.
Onchain research suggests that Robinhood owns the mysterious Doge Whale wallet, AND the third largest BTC Wallet
Two days ago, the Reddit account u / Andreifromalberta published research claiming that the Robinhood has more bitcoin (BTC) than the firm Microstrategy. Redditor Andrei is the same detective who published an investigation four months ago into the notorious dogecoin (DOGE) wallet named “DH5”, which happens to be the largest DOGE wallet today.
The Reddit post that Redditor u / Andreifromalberta posted in February 2021.
In February, Andrei aware on the subject as the “DH5” address became a hot topic that month. Andrei said in the r / dogecoin Reddit post that the findings suggest that the Robinhood company is the owner of the “DH5” dogecoin address and explained how the on-chain investigation led to this conclusion.
Redditor u / Andreifromalberta’s Reddit post on r / bitcoin published two days ago shows a score of new findings.
Robinhood last week had a initial public offering (IPO). Company’s CEO Vlad Tenev talked about the company’s crypto positions in an interview on May 6. Tenev’s statements on Robinhood informal talk in May explained that the exchange allegedly provided clients with access only to their specific holdings.
“We don’t have significant positions in any of the currencies that we hold proprietary or anything like that,” Tenev emphasized in the fireside chat. Despite Tenev’s statements, Andrei believes that the company has significant positions in various crypto assets.
Andrei’s research once again links the dogecoin address “DH5” to Robinhood, but also details how the exchange likely owns a number of large coin portfolios such as BTC, ETH, and BCH. Based on Andrei’s findings, the rich list portfolios of six major crypto assets are allegedly controlled by Robinhood.
Robinhood probably owns some of the richest addresses in 5 different blockchains.
On Reddit, Andrei offers a step-by-step analysis of why Robinhood is suspected of owning not just the “DH5” dogecoin address, but the third-largest one. BTC address “1P5” too.
Redditor Andrei believes that the third largest bitcoin (BTC) address belongs to Robinhood. The wallet was established in roughly the same time frame as the “DH5” dogecoin address was created.
Not only that, Andrei asks if Robinhood follows the exact same cold storage pattern for BTC and DOGE, “wouldn’t it also make sense that they follow the same pattern for the other 5 Cryptos they offer to trade (ETH, LTC, BCH, ETC, BSV)?“
The desk researcher believes that this is the case for all the coins mentioned above and the top wealthy addresses that belong to Robinhood on those blockchains.
The bitcoin (BTC) Address beginning with “1P5” has 113,842 BTC, which is more than MicroStrategy that owns 105,000 BTC. It started to accumulate in February 2019. Coincidentally, the DH5 dogecoin address started to accumulate at the same time as the “1P5” bitcoin address.
Andrei’s report suspects that Robinhood possesses the second largest litecoin (LTC) Address “LQT“And the second largest bitcoin cash (BCH) Address “16N. “The largest room ethereal (ETH) Address “0x7” is also suspected of being Robinhood’s exchange wallet.
“With more than 2 million ETH, that was seeded in exactly the same way” adds Andrei’s report. The Redditor also shared an article explaining why the richest encryption addresses are still very important.
Andrei concludes:
“Robinhood (RH) owns more BTC (116K) than Microstrategy (105K), as custodian of RH crypto clients. In total, more than 10 million crypto Robinhooders are actually smart money, largely buying the fall of bitcoins and cryptocurrencies since the May crash. Portfolios are urgently needed to give self-custody freedom to millions of reproductive health investors.”
