Robinhood’s $25 billion crypto pile belongs to customers, not its treasury

A post making the rounds on X claimed Robinhood had added $25 million in Bitcoin to its corporate balance sheet. Robinhood’s official financial disclosures show no such purchase. What the data does show is far larger and far less dramatic. Robinhood sits on roughly $25 billion in crypto, and nearly all of it belongs to the people tapping buttons in its app. What the on-chain data actually shows Blockchain analytics firm Arkham Intelligence has mapped the wallets connected to Robinhood. As of October 1, 2026, it linked approximately $24.96 billion to $25 billion in digital assets to the brokerage. Those funds are spread across around 1.7 million addresses on 12 different blockchains. Arkham’s analysis characterizes these holdings as customer custody wallets. The company holds the keys, but the coins are owned by its users. Bitcoin makes up the largest slice. Arkham counts roughly 185,185 BTC tied to Robinhood, valued between $15.5 billion and $15.63 billion. Ether comes next, at approximately 1.576 million ETH, worth about $4.23 billion to $4.24 billion. Then there is the Dogecoin. Arkham tallies 30.434 billion DOGE linked to Robinhood, worth around $2.86 billion to $2.88 billion. S...