Crypto data monitoring platform Arkham Intelligence has announced that popular trading app Robinhood is among the largest holders of altcoin Ethereum (ETH). Accordingly, it revealed that it is the fifth largest owner of the cryptocurrency. This discovery sheds light on Robinhood’s significant involvement in the crypto space beyond Bitcoin.
Robinhood’s key Ethereum assets
Arkham Intelligence has revealed that Robinhood, known for its crypto-friendly trading platform, controls a wallet with the fifth-highest amount of Ethereum assets. The focus is usually on Robinhood’s large Bitcoin wallet. However, Arkham’s analysis highlights that the company also has a substantial ETH wallet. Robinhood stands out with its $2.54 billion presence in ETH. On the other hand, this leader consolidates his place among the important owners of the cryptocurrency.
Arkham Intelligence explains this detail in a social media update. Accordingly, he states that it is noteworthy that Robinhood has previously determined that it has the third largest Bitcoin wallet. However, the recent emergence of Robinhood’s position as the owner of the fifth-largest ETH wallet is less noticeable. The platform states that the funds in the Ethereum wallet are kept under custody for user balances. On the other hand, he states that the company has increased its involvement in securing users’ assets.
Robinhood’s various crypto assets
Beyond significant Ethereum assets, Robinhood’s wallet also includes a number of other cryptocurrencies. The wallet also holds 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu ($277.8 million). It also has 4.9 million LINK ($29.7 million) and 2.6 million AVAX ($29.6 million). This diverse portfolio underscores Robinhood’s extensive presence in the crypto space.
Despite its impressive crypto holdings, Robinhood is facing challenges in sustaining high crypto trading volumes. The company reports a decline in crypto trading activity in the second quarter. On the other hand, he emphasizes that revenue fell from $38 million in the first quarter to $31 million. In response, Robinhood is expanding the functionality of its wallet product to include support for storing, sending and receiving Bitcoin and Dogecoin. It also introduces Ethereum exchanges, as we mentioned as cryptokoin.com. This strategic move aims to meet the demands of users. On the other hand, it aims to adapt to emerging market demands.
Robinhood’s growing crypto asset
It is noteworthy that Arkham Intelligence revealed Robinhood’s key Ethereum ETH holdings. On the other hand, it further solidifies the trading app’s status as a major player in the cryptocurrency world.
With its diverse assets and expanding functions, Robinhood continues to adapt to the dynamic world of crypto trading. It also continues to innovate. Accordingly, it demonstrates its determination to meet user needs and improve its presence in the market.
