Robinhood Holds 5th Largest ETH Wallet Worth Over $2.5 Billion: Insights

In a surprising revelation, Robinhood, renowned for its status as a significant Bitcoin whale, has emerged as the holder of the fifth largest Ethereum (ETH) wallet address. The US-based trading and investing platform has amassed substantial holdings of both major cryptocurrencies, solidifying its position in the crypto space. Robinhood's wallet app has recently expanded its scope to encompass not only Bitcoin and Dogecoin but also introduced a novel Ethereum swapping feature. This strategic move has enabled the platform to secure a formidable position in the Ethereum ecosystem. According to data provided by Arkham Intelligence, a cold wallet address associated with Robinhood currently houses a staggering 1,493,000 ETH. Based on Ethereum's prevailing market value, this sum amounts to a remarkable $2.54 billion. Remarkably, this ETH cache positions Robinhood as the fifth largest holder of the cryptocurrency globally. This wallet ranking places Robinhood behind crypto powerhouses Kraken and Binance, with holdings valued at $2.73 billion and $3.40 billion, respectively. A wrapped Ether (wETH) address ranks second with holdings worth $5.36 billion. The apex of the list is occupied by the Ethereum 2.0 Beacon deposit contract, with a substantial 29 million ETH valued at a staggering $49.8 billion. Arkham Intelligence's data also underscores that Robinhood's wallet address encompasses various other tokens in addition to ETH. These include SHIB, LINK, AVAX, BONE, AAVE, COMP, UNI, and others, collectively enhancing the value of the platform's total holdings to an impressive $2.73 billion. It is noteworthy that Robinhood's prominence in the crypto realm extends beyond Ethereum holdings. Previously, the platform was identified as the possessor of the third largest Bitcoin wallet address, which amounted to more than $3 billion. This ranking placed Robinhood behind Binance and Bitfinex. Initial speculation had even associated the BTC wallet with established entities like Gemini or asset management titan BlackRock. Robinhood continues to expand its cryptocurrency services to cater to user demand. The platform recently introduced support for both Bitcoin and Dogecoin custody, transfers, and receipt via its wallet app. Furthermore, the app facilitates in-app swaps on the Ethereum network for over 200 tokens. Although currently available to select users, this feature is slated for wider availability in the coming weeks. Since its launch in March 2023, the Robinhood wallet has achieved remarkable global adoption, being utilized in 140 countries. The wallet's initial compatibility covered Ethereum and Polygon, and later incorporated Arbitrum and Optimism. The platform remains committed to further enhancing its services, with plans to integrate cost-effective and swift layer-2 chains based on user demand. While accessible to iOS users, Robinhood's wallet app will extend support to Android users later in the year.