A digital wallet associated with Robinhood, the United States-based portal allowing users to trade multiple instruments, including crypto without commission, is the fifth largest holder of Ethereum (ETH). According to Arkham Intelligence, an on-chain analytics platform, Robinhood controls 1.72 million ETH, worth $2.93 billion at current prices as of August 30.
It could not be immediately ascertained whether Robinhood directly owned these coins or if it custody them on behalf of clients. The trading and investing platform has not come out to clarify the status of their coins, including Bitcoin and Shiba Inu (SHIB), which form a big chunk of their portfolio.
However, based on on-chain data, what’s evident is that the Robinhood wallet cumulatively holds billions worth of coins.
Robinhood Holds Billions of Assets
To illustrate, Robinhood controls over $6.6 billion of crypto assets, of which over half comprise Bitcoin and Ethereum. Presently, they control $3.3 billion of BTC and, as aforementioned, $2.93 billion of ETH. There are also other coins in their possessions, including SHIB, worth $227 million; Chainlink (LINK), valued at $30 million; and Avalanche (AVAX), worth $29 million.
In total, the platform holds over 30 digital assets, including stablecoins. What’s notable is that Robinhood is light on USDT. The tracker shows that Robinhood only controls $1,720 of USDT but over $5.1 million of its primary competitor, USDC.
There is no apparent reason for this clear skew in stablecoin preference for USDC over USDT.
USDT enjoys the first-mover advantage and remains the world’s most liquid stablecoin and the third-largest digital asset, ahead of USDC.
Over $49 Billion Worth Of Ethereum Locked In The Beacon Chain
With over $2.93 billion of ETH, Robinhood trails other platforms, including Kraken and Binance. Among centralized exchanges, Binance is the largest holder of ETH, of which a big chunk belongs to clients.
Binance controls multiple cold wallets that cumulatively hold billions of coins. Cold wallets are not connected to the internet and are often considered more secure.
Beyond exchanges, the single largest wallet controlling ETH is the official deposit contract on the Beacon Chain, which holds 6% of all coins in circulation. Different validators, tasked with approving transactions on the proof-of-stake Ethereum blockchain, have locked over 29.1 million ETH worth over $49 billion.
Feature image from Patrick Sison/AP, chart from TradingView
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