- Arkham Intelligence identifies Robinhood as the fifth-largest holder of Ethereum (ETH), holding approximately $2.54 billion of the cryptocurrency in custody for its users.
- Robinhood’s diversified crypto wallet also includes Bitcoin, Shiba Inu, Chainlink, and Avalanche, among other tokens.
Robinhood’s Dual Dominance in Ethereum and Bitcoin Markets
Arkham Intelligence, a reputable crypto analytics firm, has uncloaked Robinhood—a financial service provider and cryptocurrency trading platform—as the entity behind the fifth-largest Ethereum (ETH) wallet. The crypto giant’s ETH holdings are valued at an estimated $2.54 billion, securely held in custody for its clientele.
The Broader Crypto Portfolio
While Arkham previously revealed that Robinhood maintains the third-largest Bitcoin (BTC) wallet, this most recent revelation amplifies Robinhood’s role in the cryptocurrency landscape. This diversified portfolio isn’t just limited to ETH and BTC. According to Arkham’s analysis, Robinhood’s crypto vault is also home to 122,076 BTC (valued at approximately $3.3 billion), 34.1 trillion Shiba Inu tokens (worth around $277.8 million), 4.9 million Chainlink tokens (equivalent to $29.7 million), and 2.6 million Avalanche tokens (amounting to $29.6 million).
Yet, it’s worth noting that Robinhood’s crypto trading activity has ebbed recently, manifesting in a reduction of its second-quarter crypto revenue to $31 million from $38 million in the preceding quarter. This contraction occurs despite the company’s significant holdings, suggesting a nuanced relationship between custody services and active trading volume.
Expanding Wallet Services
In the wake of these discoveries, Robinhood has announced an upgrade to its existing wallet features, slated for Aug. 30. The financial titan is now offering “custodial, sending, and receiving capabilities” for Bitcoin and Dogecoin. This is in addition to its existing support for Ethereum swaps—clearly an answer to consumer demand for a more expansive range of services.
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During its initial release in March, Robinhood had already demonstrated a commitment to serve the crypto community. The wallet originally offered self-custody services for not just Ethereum but also Polygon networks. Furthermore, it included support for a variety of tokens, including Compound, Polygon, Shiba Inu, Solana, Uniswap, and the stablecoin USD Coin (USDC).
In sum, these revelations not only underscore Robinhood’s substantial influence in the Ethereum market but also highlight its broad commitment to diverse cryptocurrency offerings, despite fluctuating trading revenues.
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