Robinhood owns fifth-largest Ethereum wallet, holding $2.54B in ETH
Aug. 30, 2023
By Mike Dalton
The same address also holds $177 million of other ERC-20 tokens.
Arkham Intelligence said on Aug. 30 that the trading app company Robinhood holds the fifth-largest account on the Ethereum blockchain.
The intelligence platform previously identified Robinhood as the owner of the third-largest Bitcoin address, which holds 118,300 BTC ($3 billion).
On Twitter/X, Arkham said:
“We’ve also identified [Robinhood] as the owner of the 5th largest ETH wallet, holding $2.54 [billion] of ETH.“
That address begins with 0x40B… and holds 1.5 million ETH ($2.54 billion). It also holds more than 100 ERC-20 tokens, collectively worth $177.1 million. Those numbers bring Robinhood’s total holdings for all Ethereum-based tokens above $2.71 billion.
Arkham noted that the address holds funds in custody on behalf of Robinhood users. Robinhood’s trading model requires the company to back user balances at a 1:1 ratio in line with regulations set by the U.S. Securities and Exchange Commission (SEC).
The four Ethereum addresses larger than Robinhood’s account include Ethereum’s beacon deposit contract, a wrapped Ether contract, and addresses belonging to major cryptocurrency exchanges Kraken and Binance.
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