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Robinhood Ethereum stashing

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

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

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

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. 

Robinhood total holdings: Arkham
Robinhood total holdings: Arkham
Related Reading: Jamaican Taxis Go Digital As Drivers Gear Up To Embrace Jam-Dex CBDC

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.

Ethereum price on August 30 as Robinhood becomes 5th largest ETH| Source: ETHUSDT on Binance, TradingView
Ethereum price on August 30| Source: ETHUSDT on Binance, TradingView
Related Reading: These Crypto Analysts Saw The Grayscale Victory Before Anyone Else

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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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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