- Robinhood’s retail trading app possesses the world’s fifth-largest Ethereum wallet, holding $2.5 billion worth.
- The wallet contains 1.5 million ETH, belonging to over 10.8 million users.
According to crypto analysis platform Arkham Intelligence, Robinhood, the retail trading app, possesses the world’s fifth-largest Ethereum wallet, which contains over $2.5 billion worth of Ethereum, the second-largest cryptocurrency globally.
It’s important to note that these funds are the property of Robinhood’s customers, as the platform has more than 10.8 million monthly active users. In a recent tweet, Arkham Intelligence revealed that Robinhood has been identified as the holder of the fifth-largest Ethereum wallet, which comprises 1.5 million ETH with a value of approximately $2.54 billion.
Notably, Arkham Intelligence had previously identified Robinhood as the owner of the third-largest Bitcoin address, which houses 118,300 BTC worth about $3 billion.
The tweet from Arkham Intelligence reads, “We’ve also recognized [Robinhood] as the possessor of the fifth-largest ETH wallet, containing $2.54 [billion] worth of ETH.”
Apart from Ethereum, the wallet also accommodates more than 100 other ERC-20 tokens, collectively valued at $177.1 million. Arkham Intelligence emphasized that their discovery of Robinhood as the possessor of the third-largest Bitcoin wallet received significant attention, but they wanted to highlight that their identification also extends to the fifth-largest Ethereum wallet, which safeguards $2.54 billion worth of ETH.
As per findings from Arkham Intelligence, a wallet linked to Robinhood contains a range of other cryptocurrencies. These include 122,076 BTC (equivalent to $3.3 billion), 34.1 trillion Shiba Inu (SHIB) tokens ($277.8 million), 4.9 million Chainlink (LINK) tokens ($29.7 million), and 2.6 million Avalanche (AVAX) tokens ($29.6 million).
Despite Robinhood’s prominent position in stock trading, its engagement in cryptocurrency trading has experienced a decline. In the second quarter, crypto revenue dropped to $31 million from the initial quarter’s $38 million.
In response to a query from a user regarding the ownership of the funds, Arkham clarified that the wallet contains funds held in custody for users’ benefit. The intelligence firm emphasized that the Securities and Exchange Commission (SEC) mandates that cryptocurrency balances on Robinhood must be backed on a 1:1 basis.