Arkham Intelligence reported that the trading app provider Robinhood is the owner of the fifth-largest Ethereum wallet. The same organisation that discovered Robinhood as the holder of the third-largest Bitcoin wallet in the world, with 122,224 BTC valued at roughly $3.32 billion. Additionally, according to the article, SHIB ($276.82 million), LINK ($29.98 million), AVAX ($29.66 million), COMP ($19 million), UNI ($8.16 million), AAVE ($6.16 million), and USDC ($6.16 million) are all held in Robinhood’s wallet. He admitted that he also has $5.14 million worth of other cryptocurrencies in his possession. These coins have a total estimated worth of 374 million dollars.
Robinhood- Third largest Bitcoin holder globally
Notably, Robinhood has power over more than just Ethereum in the world of cryptocurrencies. According to Coincu, the business was the third-largest Bitcoin holder globally, with over $3 billion worth of Bitcoin (BTC) kept in a single wallet. This accomplishment, which took place over a number of months, put the business just behind significant cryptocurrency exchanges Binance and Bitfinex. It is well known for its stock trading services, but it also provides cryptocurrency fans with trading options. The company’s wallet software now offers custody, transactions, and swaps for Bitcoin, Dogecoin, and Ethereum in response to customer requests. The Fifth Largest Ethereum Wallet Holding is thus now with Robinhood.
End of Partnership with Jump Trading
In the midst of these changes, Robinhood and Jump Trading recently ended their bitcoin collaboration in between Fifth Largest Ethereum Wallet Holding of Robinhood headlines. This action comes in response to an earlier this year investigation into the company’s cryptocurrency activity by the US Securities and Exchange Commission. Robinhood made news in June when it stopped offering trading for the cryptocurrencies Cardano (ADA), Polygon (MATIC), and Solana (SOL). Regulation worries played a factor in these decisions because these coins had previously been involved in court battles involving other well-known exchanges like Binance and Coinbase
Robinhood addresses on other chains
Further information from Arkham’s data reveals that Robinhood has holdings on a number of other exchanges, including Avalanche ($29.83 million), Polygon ($1.40 million), Arbitrum ($395 million), and BNB Chain ($203 million). Each of those blockchains’ native tokens does not totally make up the funds that Robinhood owns there. By the end of August, Robinhood had $7.39 billion worth of cryptocurrency stored in those addresses. According to the company’s previous quarterly statistics, as of June 30, it had $11.5 billion in assets tied to customer cryptocurrency protecting responsibilities. It’s unclear whether this move is the result of shifting cryptocurrency prices or real-world adjustments to the volume of cryptocurrency stored at each of Robinhood’s addresses.
Until now, Robinhood has only admitted to owning the $3 billion Bitcoin address to CryptoSlate. As further information is made available by Robinhood, this post will be updated. Robinhood will also provide Ethereum swaps and expand wallet support to include Bitcoin and Dogecoin.
The most prevalent asset offered on every cryptocurrency exchange besides Bitcoin is arguably Ethereum, which is the second-largest digital asset by market capitalization. As a result, exchanges make up the majority of the largest Ethereum holdings; nonetheless, we also list some of the whale exchanges, as well as some individual whales and protocols, below.
Despite expanding in the cryptocurrency market, Robinhood has struggled to keep up strong trading volumes. From $38 million in the first quarter to $31 million in the second quarter, the company’s cryptocurrency revenue decreased. Following customer requests, the company recently updated its wallet product with new functionality, which has led to this change in trading activity. Notably, Robinhood’s wallet now offers custody services and support for Bitcoin, Ethereum, and Dogecoin trades and also has the fifth Largest Ethereum Wallet Holding.
Also Read: Bloomberg analysts believe that a Bitcoin Spot ETF approval is near.
