Arkham Intelligence, a crypto analytics platform, has identified financial services company and crypto trading platform Robinhood as a major holder of Ethereum (ETH) and the owner of the fifth-largest ETH wallet. This wallet contains approximately $2.54 billion worth of ETH. While it gained attention for being the owner of the third-largest Bitcoin wallet, Robinhood’s position as a significant ETH holder has received less coverage. It is important to note that these funds are user balances under custody.
According to Arkham Intelligence, Robinhood’s wallet also holds various other cryptocurrencies. It reportedly holds 122,076 Bitcoin (BTC) worth $3.3 billion, 34.1 trillion Shiba Inu (SHIB) worth $277.8 million, 4.9 million Chainlink (LINK) worth $29.7 million, and 2.6 million Avalanche (AVAX) worth $29.6 million. Despite its success in stock trading, Robinhood’s crypto trading activity has declined, with second-quarter crypto revenue dropping to $31 million from the first quarter’s $38 million.
To address user demands for broader support, Robinhood recently announced the expansion of its wallet product. The updated wallet now includes custodial, sending, and receiving capabilities for Bitcoin and Dogecoin, in addition to facilitating Ethereum swaps. This enhancement reflects the company’s commitment to meeting customer needs.
When the Robinhood Wallet was initially launched in March, it provided self-custody services for the Polygon and Ethereum networks. It also supported tokens like Compound (COMP), Polygon (MATIC), SHIB, Solana (SOL), Uniswap (UNI), and the USD Coin (USDC) stablecoin.
It is worth mentioning that the largest Bitcoin wallets in the world, as reported by BitInfoCharts, are owned by Binance and Bitfinex. Robinhood’s presence among the top holders of both BTC and ETH signifies its significant role in the crypto space.
Robinhood’s accumulation of cryptocurrencies, particularly Bitcoin, has been a topic of discussion. The company has amassed $3 billion worth of Bitcoin in just three months. This rapid accumulation raises questions about its impact on the crypto market.
The expansion of Robinhood’s wallet product and its growing crypto holdings indicate the company’s commitment to empowering users to trade and hold cryptocurrencies securely. By offering custodial services and broadening its support for various cryptocurrencies, Robinhood aims to enhance the user experience and keep up with the evolving demands of the crypto market.
In conclusion, Arkham Intelligence’s recognition of Robinhood as a leading holder of Ethereum and the owner of the fifth-largest ETH wallet sheds light on the company’s significant presence in the crypto space. With its recent expansion of wallet capabilities and its substantial accumulation of cryptocurrencies, Robinhood continues to be a key player in the industry, catering to the needs of its users and adapting to the changing dynamics of the market.