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    Robinhood Is The 5th Largest Ethereum (ETH) Wallet, Strategic Stashing?


    A digital pockets related to Robinhood, the United States-based portal permitting customers to commerce a number of devices, together with crypto with out fee, is the fifth largest holder of Ethereum (ETH). In accordance with Arkham Intelligence, an on-chain analytics platform, Robinhood controls 1.72 million ETH, price $2.93 billion at present costs as of August 30.

    Robinhood's ETH holding: Arkham
    Robinhood’s ETH holding: Arkham

    It couldn’t be instantly ascertained whether or not Robinhood immediately owned these cash or if it custody them on behalf of shoppers. The buying and selling and investing platform has not come out to make clear the standing of their cash, together with Bitcoin and Shiba Inu (SHIB), which type a giant chunk of their portfolio.

    Nevertheless, primarily based on on-chain knowledge, what’s evident is that the Robinhood pockets cumulatively holds billions price of cash.

    Robinhood Holds Billions of Property

    As an instance, Robinhood controls over $6.6 billion of crypto property, of which over half comprise Bitcoin and Ethereum. Presently, they management $3.3 billion of BTC and, as aforementioned, $2.93 billion of ETH. There are additionally different cash of their possessions, together with SHIB, price $227 million; Chainlink (LINK), valued at $30 million; and Avalanche (AVAX), price $29 million. 

    Robinhood total holdings: Arkham
    Robinhood complete holdings: Arkham

    In complete, the platform holds over 30 digital property, together with stablecoins. What’s notable is that Robinhood is mild on USDT. The tracker exhibits that Robinhood solely controls $1,720 of USDT however over $5.1 million of its main competitor, USDC. 

    There isn’t a obvious motive for this clear skew in stablecoin choice for USDC over USDT.

    USDT enjoys the first-mover benefit and stays the world’s most liquid stablecoin and the third-largest digital asset, forward of USDC.

    Over $49 Billion Value Of Ethereum Locked In The Beacon Chain

    With over $2.93 billion of ETH, Robinhood trails different platforms, together with Kraken and Binance. Amongst centralized exchanges, Binance is the most important holder of ETH, of which a giant chunk belongs to shoppers.

    Binance controls a number of chilly wallets that cumulatively maintain billions of cash. Chilly wallets are usually not linked to the web and are sometimes thought of safer.

    Ethereum price on August 30 as Robinhood becomes 5th largest ETH| Source: ETHUSDT on Binance, TradingView
    Ethereum worth on August 30| Supply: ETHUSDT on Binance, TradingView

    Past exchanges, the only largest pockets controlling ETH is the official deposit contract on the Beacon Chain, which holds 6% of all cash in circulation. Totally different validators, tasked with approving transactions on the proof-of-stake Ethereum blockchain, have locked over 29.1 million ETH price over $49 billion. 

    Function picture from Patrick Sison/AP, chart from TradingView

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