Arkham Intelligence said the wallet contains approximately $2.54 billion worth of ETH under custody for user balances.
Crypto analytics platform Arkham Intelligence has revealed financial services company and crypto trading platform Robinhood as a leading holder of Ether
and the owner of the fifth-largest ETH wallet, which contains about $2.54 billion of the cryptocurrency.
Arkham stated on X (formerly Twitter) that its recognition of Robinhood possessing the third-largest Bitcoin wallet garnered significant attention. However, it said less attention has been paid to its identification of Robinhood as the holder of the fifth-largest ETH wallet. In a separate update, Arkham emphasized that these funds are user balances under custody.
wallets in the world, according to BitInfoCharts, are reportedly owned by Binance and Bitfinex
According to Arkham Intelligence, a wallet associated with Robinhood holds various other cryptocurrencies, such as 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu
($277.8 million), 4.9 million of Chainlink’s
$6.01($29.7 million) and 2.6 million Avalanche AVAX$10.44 ($29.6 million). Despite its prominence in stock trading, Robinhood’s cryptocurrency trading activity has declined, with second-quarter crypto revenue dropping to $31 million from the first quarter’s $38 million.
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On Wednesday, Aug. 30, the company announced the expansion of its wallet product, incorporating “custodial, sending, and receiving capabilities for Bitcoin and Dogecoin” alongside the existing feature of facilitating Ethereum swaps. This enhancement is a direct response to user demands for broader support, as stated by the company.
Related: Robinhood accumulates $3B of Bitcoin in 3 months — What does this mean for markets?
Upon its initial launch in March, Robinhood Wallet introduced self-custody services, catering to the Polygon and Ethereum networks. It also included various tokens like Compound’s
$0.5808, SHIB, Solana SOL$21, Uniswap UNI$4.65, along with the USD Coin USDC$1.00 stablecoin.
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