Arkham Intelligence analytics platform has identified crypto trading platform Robinhood as a prominent holder of Ether ETH and the owner of the fifth-largest ETH wallet, containing approximately $2.54 billion worth of the cryptocurrency.
Arkham stated on X (previously Twitter) that its discovery of Robinhood’s possession of the third-largest Bitcoin wallet attracted considerable interest.
However, according to the report, less attention has been devoted to its identification of Robinhood as the fifth-largest ETH wallet holder. In a separate update, Arkham emphasized that these are user-held balances.
According to BitInfoCharts, the largest Bitcoin wallets globally are owned by Binance and Bitfinex.
122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu ($277.8 million), 4.9 million Chainlink ($29.7 million), and 2.6 million Avalanche ($29.7 million) are contained in a wallet associated with Robinhood, according to Arkham Intelligence.
Despite its prominence in stock trading, Robinhood’s cryptocurrency trading activity has decreased, with second-quarter crypto revenue falling from $37 million to $31 million.
Wednesday, August 30th, the company announced the enlargement of its wallet product to include “custodial, sending, and receiving capabilities for Bitcoin and Dogecoin,” in addition to the existing feature that facilitates Ethereum swaps. According to the company, this enhancement directly responds to user requests for broader support.
As part of its March debut, Robinhood Wallet introduced self-custody services for the Polygon and Ethereum networks. It also included Compound, Polygon, SHIB, Solana, Uniswap tokens, and the USD Coin stablecoin.