Robinhood owns fifth-largest Ethereum wallet, holding $2.54B in ETH

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Arkham Intelligence mentioned on Aug. 30 that the buying and selling app firm Robinhood holds the fifth-largest account on the Ethereum blockchain.

The intelligence platform previously identified Robinhood because the proprietor of the third-largest Bitcoin handle, which holds 118,300 BTC ($3 billion).

On Twitter/X, Arkham said:

We’ve additionally recognized [Robinhood] because the proprietor of the fifth largest ETH pockets, holding $2.54 [billion] of ETH.

That handle begins with 0x40B… and holds 1.5 million ETH ($2.54 billion). It additionally holds greater than 100 ERC-20 tokens, collectively value $177.1 million. These numbers deliver Robinhood’s whole holdings for all Ethereum-based tokens above $2.71 billion.

Arkham famous that the handle holds funds in custody on behalf of Robinhood customers. Robinhood’s buying and selling mannequin requires the corporate to again consumer balances at a 1:1 ratio in keeping with rules set by the U.S. Securities and Alternate Fee (SEC).

The 4 Ethereum addresses bigger than Robinhood’s account embody Ethereum’s beacon deposit contract, a wrapped Ether contract, and addresses belonging to main cryptocurrency exchanges Kraken and Binance.

The beacon deposit contract is by far the most important of these addresses. With greater than 29 million ETH ($49.7 billion), it accounts for one-quarter of all the Ethereum provide.

Robinhood has addresses on different chains

Arkham’s knowledge moreover exhibits that Robinhood holds funds on quite a few different exchanges, together with Avalanche ($29.83 million), Polygon ($1.40 million), Arbitrum ($395), and BNB Chain ($203). The funds that Robinhood holds on every of these blockchains should not completely made up of the chain’s native token.

In whole, Robinhood holds $7.39 billion of crypto in these addresses as of Aug. 30. The corporate’s earlier quarterly results indicated that it held $11.5 billion of belongings associated to consumer cryptocurrency safeguarding obligations on June 30. It’s unclear whether or not this transformation is because of fluctuations in cryptocurrency costs or precise modifications within the quantity of crypto in every of Robinhood’s addresses.

Thus far, Robinhood has solely confirmed to CryptoSlate that it owns the $3 billion Bitcoin handle. This text will probably be up to date as Robinhood offers extra data.

The information comes alongside an announcement from Robinhood stating that it’s going to lengthen pockets help to Bitcoin and Dogecoin and add Ethereum swaps.

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