Crypto data tracking platform Arkham Intelligence has identified Robinhood as one of the largest holders of ether.
"Our identification of Robinhood as the owner of the third-largest Bitcoin wallet was widely covered," Arkham wrote on social media. "But most coverage missed that we've also identified them as the owner of the 5th largest ETH wallet, holding $2.54 billion of ETH."
In another post, Arkham clarified that the funds in the wallet are held in custody for user balances.
Other cryptocurrencies held by a Robinhood-linked wallet include 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu ($277.8 million), 4.9 million LINK ($29.7 million) and 2.6 million AVAX ($29.6), Arkham said.
Robinhood's shrinking crypto volume
Robinhood, known for its stock trading platform, has faced depressed crypto trading activity. The company's second quarter crypto revenue fell to $31 million compared to the first quarter's $38 million.
The company said Wednesday that its wallet product is adding "custody, send, and receive support for Bitcoin and Dogecoin," in addition to enabling Ethereum swaps. The added functionality comes in response to users requesting the additional support, the company said.
When Robinhood Wallet first became available in March, the self-custody wallet supported the Polygon and Ethereum networks and tokens including COMP, MATIC, SHIB, SOL, UNI and the USDC stablecoin.
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