Arkham: Robinhood Wallet Identified as Major Holder of Ethereum Worth $2.54B and Bitcoin Worth $3.3B
Arkham Intelligence Has Identified Robinhood As A Large Holder Of Ethereum And Bitcoin
Cryptocurrency data tracking platform Arkham Intelligence has identified Robinhood as a significant holder of both Ethereum (ETH) and Bitcoin (BTC), shedding light on the platform's expanding involvement in the crypto landscape.
While Robinhood's ownership of the third-largest Bitcoin wallet drew previous attention, Arkham revealed that the company also possesses the fifth-largest Ethereum wallet, securing a substantial $2.54 billion worth of ETH.
Arkham clarified the rationale behind the sizable holding by emphasizing that the money in Robinhood's Ethereum wallet is being maintained in safekeeping for user balances. A wallet connected to Robinhood includes 122,076 BTC (equal to $3.3 billion), 34.1 trillion Shiba Inu tokens ($277.8 million), 4.9 million LINK tokens ($29.7 million), and 2.6 million AVAX tokens ($29.6 million), according to the on-chain analytics firm.
Despite growing in the crypto space, Robinhood has had trouble maintaining high trading volumes. The company's cryptocurrency revenue fell in the second quarter from $38 million in the first quarter to $31 million. This modification in trading activity comes after the company recently added new functionality to its wallet product in response to user requests. Notably, custody services and support for Bitcoin, Ethereum and Dogecoin swaps are now available in Robinhood's wallet.
Initial versions of the Robinhood Wallet supported the Polygon and Ethereum networks and included tokens such as COMP, MATIC, SHIB, SOL, UNI and the USDC stablecoin.
