Robinhood transferred some 118,300 bitcoins to the wallet from several other smaller wallets over three months.

According to wallet data analysed by Arkham Intelligence, the investment and trading company Robinhood (HOOD) possesses more than $3 billion worth of bitcoin (BTC) stored in a solitary wallet. This accumulation took place gradually over several months. As a result, Robinhood now ranks as the third-largest holder of bitcoin behind the cryptocurrency exchanges Binance and Bitfinex. Binance holds $6.4 billion worth of tokens in a single wallet, while Bitfinex holds $4.3 billion worth.

In recent months, the wallet’s owners have captured the attention of market observers, leading to discussions and worries about the enigmatic individual or entity behind the substantial Bitcoin holdings.

As of Monday, Robinhood has not publically commented on these holdings.

The movements of these transfers led to various guesses. Some thought the bitcoin might belong to the big financial company BlackRock, which recently applied for a Bitcoin ETF. Others believed the crypto exchange Gemini could move its users’ holdings to a different wallet.

Over three months, Robinhood moved around 118,300 bitcoins from several other smaller wallets into the wallet. Representatives from Arkham confirmed that these tokens are being kept safe by a crypto trading company called Jump Trading.

All of these possessions are stored on the Bitcoin blockchain. Starting from March 8, the initial transactions were conducted, and then substantial quantities of bitcoin were moved until July 14, according to information from BitInfoCharts.

Meanwhile, the holdings shed light on the extent of Robinhood’s bitcoin exposure despite low crypto trading volumes on its platform.

According to its most recent earnings report, Robinhood disclosed that its cryptocurrency trading revenue for the second quarter was only $31 million. This marked an 18% decrease from the $38 million it earned in the first quarter. As mentioned earlier, these numbers constituted 16% of the total trading revenue of $193 million from all categories, which experienced a sequential drop of 7%.