Crypto analytics platform Arkham Intelligence has unveiled Robinhood as the fifth-largest holder of Ethereum (ETH), with approximately $2.54 billion worth of ETH under custody for user balances. This disclosure comes after Arkham previously identified Robinhood as the third-largest holder of Bitcoin.
Robinhood’s wallet not only holds ETH but also contains other cryptocurrencies, including 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 ($29.6 million).
Our identification of Robinhood as the owner of the third-largest Bitcoin wallet was widely covered.
But most coverage missed that we’ve also identified them as the owner of the 5th largest ETH wallet, holding $2.54B of ETH.
— Arkham (@ArkhamIntel) August 30, 2023
Robinhood’s Crypto Expansion
Despite a decline in its crypto trading activity, Robinhood recently expanded its wallet product to include Bitcoin and Dogecoin custodial services, in addition to Ethereum swaps. This move responds to user demands for broader cryptocurrency support, enhancing the company’s presence in the crypto space.