A Reddit user has published research suggesting that online brokerage Robinhood (Nasdaq: HOOD) not only controls the largest Dogecoin address but also the third-largest Bitcoin wallet. The user, u/Andreifromalberta, previously investigated the mysterious Dogecoin address “DH5” in February, which holds over 36 billion DOGE, making it the largest Dogecoin holder. The latest analysis confirms Robinhood's ownership of that address and extends the claim to top wallets for five other cryptocurrencies.
On-Chain Evidence Points to Robinhood
Andrei’s research is based on transaction pattern analysis. The Bitcoin address “1P5” started accumulating BTC in February 2019 and now holds 113,842 BTC. Coincidentally, the Dogecoin address “DH5” began accumulation at the same time. Robinhood CEO Vlad Tenev stated during a May 6 fireside chat that the company does not hold significant proprietary crypto positions, but Andrei argues on-chain data contradicts this. The report estimates Robinhood holds about 116,000 BTC, surpassing MicroStrategy’s 105,000 BTC, acting as a custodian for client assets.
Multiple Cryptocurrencies Involved
Andrei’s findings extend beyond BTC and DOGE. He suspects Robinhood controls the second-largest Litecoin address “LQT,” the second-largest Bitcoin Cash address “16N,” the fourth-largest Ethereum address “0x7” (holding over 2 million ETH), as well as addresses for Ethereum Classic and Bitcoin SV. All these wallets follow a similar cold storage pattern and began accumulation around the same timeframe.
“Robinhood indeed holds more BTC (116K) than Microstrategy (105K), as a custodian for RH crypto clients. In aggregate, 10+ million crypto Robinhood users are actually smart money, heavily buying the bitcoin and crypto dip since the May crash. Wallets are urgently needed to give the freedom of self-custody to millions of RH investors,” the researcher concluded.
Industry Implications
The investigation reignites debate about centralized exchanges holding vast amounts of cryptocurrency. If Robinhood does control these top addresses, its client asset holdings are significantly larger than publicly disclosed, potentially affecting market liquidity. Robinhood has not yet commented on the report, but on-chain data provides strong circumstantial evidence.