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

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

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

On Twitter/X, Arkham stated:

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

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

Arkham famous that the tackle 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 embrace 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 biggest of these addresses. With greater than 29 million ETH ($49.7 billion), it accounts for one-quarter of your entire Ethereum provide.

Robinhood has addresses on different chains

Arkham’s knowledge moreover reveals 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 will not be totally made up of the chain’s native token.

In complete, Robinhood holds $7.39 billion of crypto in these addresses as of Aug. 30. The corporate’s earlier quarterly outcomes indicated that it held $11.5 billion of property 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 starcrypto that it owns the $3 billion Bitcoin tackle. This text might be up to date as Robinhood gives extra info.

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

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