Robinhood Vaults into Top 5 Global Ethereum Holders with a Whopping $2.54 Billion Stash
Arkham Intelligence, a prominent data analytics platform, has revealed that Robinhood, the popular trading platform, owns the fifth-largest Ethereum wallet globally, holding a staggering 2.54 billion USD worth of ETH. Alongside this substantial Ethereum holding, the wallet also contains approximately 177 million USD worth of other ERC-20 tokens.
The wallet’s address, which begins with “0x40B…”, contains a significant 1.5 million ETH. In a tweet from its official Twitter account, Arkham Intelligence stated, “We have identified Robinhood as the owner of the fifth-largest ETH wallet, holding 2.54 billion USD worth of ETH.”
Arkham emphasized that this address serves as a reserve for the cryptocurrency holdings of Robinhood’s users. The trading model of Robinhood mandates the company to maintain a 1:1 balance ratio for its users’ funds as stipulated by the U.S. Securities and Exchange Commission (SEC). On the ranking within Robinhood’s platform, the top four Ethereum addresses include the Ethereum Beacon Chain contract, wrapped Ethereum contract, and two addresses associated with Kraken and Binance exchanges. Notably, the Ethereum Beacon Chain contract currently holds the most significant value among them, boasting over 29 million ETH (49.7 billion USD), which constitutes a quarter of the entire Ethereum supply.
Prior to this disclosure, Arkham Intelligence had identified Robinhood as the third-largest holder of Bitcoin, with a value of over 3 billion USD and 118,300 Bitcoin. The top two Bitcoin whales were found to be Binance and Bitfinex exchanges, owning Bitcoin worth 6.4 billion USD and 4.3 billion USD, respectively.
According to Arkham’s data, Robinhood also possesses cryptocurrency assets across several other networks, including Avalanche (29.83 million USD), Polygon (1.4 million USD), Arbitrum (395 USD), and BNB Chain (203 USD).
As of August 30th, Robinhood’s cumulative cryptocurrency holdings have surged to a total of 7.39 billion USD. On June 30th, the company released its quarterly report, revealing that it held 11.5 billion USD worth of assets related to users’ crypto obligations. It remains unclear whether this shift is due to market fluctuations or if Robinhood indeed altered the amount of cryptocurrency within its wallet addresses.
To date, Robinhood has solely confirmed ownership of Bitcoin assets worth 3 billion USD. This information about Robinhood’s significant Bitcoin and Ethereum holdings coincides with a fresh update related to the exchange’s cryptocurrency services. On August 31st, Robinhood Wallet announced plans to expand its support for Bitcoin and Dogecoin while introducing Ethereum swapping capabilities, indicating the company’s continued commitment to the crypto space.
Read more:
- Ethereum’s Average Fees Dropped Down 69% Since Its Year
- Robinhood To Cease Support For Cardano (ADA), Polygon (MATIC), And Solana (SOL)