Arkham Intelligence identifies Robinhood wallet as the 5th largest ETH holder

Quick Take

  • The crypto-friendly financial trading app Robinhood controls a wallet with the 5th highest ether holdings, according to Arkham Intelligence.

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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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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