Robinhood owns fifth-largest Ethereum wallet, holding $2.54B in ETH
Arkham Intelligence said on Aug. 30 that the trading app company Robinhood holds the fifth-largest account on the Ethereum blockchain.
The intelligence platform previously identified Robinhood as the owner of the third-largest Bitcoin address, which holds 118,300 BTC ($3 billion).
On Twitter/X, Arkham said:
““
That address begins with 0x40B… and holds 1.5 million ETH ($2.54 billion). It also holds more than 100 ERC-20 tokens, collectively worth $177.1 million. Those numbers bring Robinhood’s total holdings for all Ethereum-based tokens above $2.71 billion.
Arkham noted that the address holds funds in custody on behalf of Robinhood users. Robinhood’s trading model requires the company to back user balances at a 1:1 ratio in line with regulations set by the U.S. Securities and Exchange Commission (SEC).
The four Ethereum addresses larger than Robinhood’s account include Ethereum’s beacon deposit contract, a wrapped Ether contract, and addresses belonging to major cryptocurrency exchanges Kraken and Binance.
The beacon deposit contract is by far the largest of those addresses. With more than 29 million ETH ($49.7 billion), it accounts for one-quarter of the entire Ethereum supply.
Robinhood has addresses on other chains
Arkham’s data additionally shows that Robinhood holds funds on numerous other exchanges, including Avalanche ($29.83 million), Polygon ($1.40 million), Arbitrum ($395), and BNB Chain ($203). The funds that Robinhood holds on each of those blockchains are not entirely made up of the chain’s native token.
In total, Robinhood holds $7.39 billion of crypto in those addresses as of Aug. 30. The company’s earlier quarterly results indicated that it held $11.5 billion of assets related to user cryptocurrency safeguarding obligations on June 30. It is unclear whether this change is due to fluctuations in cryptocurrency prices or actual changes in the amount of crypto in each of Robinhood’s addresses.
So far, Robinhood has only confirmed to CryptoSlate that it owns the $3 billion Bitcoin address. This article will be updated as Robinhood provides more information.
The news comes alongside an announcement from Robinhood stating that it will extend wallet support to Bitcoin and Dogecoin and add Ethereum swaps.
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