Crypto data tracking platform Arkham Intelligence has identified Robinhood as one of the largest holders of Ethereum. According to Arkham Intelligence, Robinhood controls the fifth-largest wallet with Ethereum holdings. Arkham Intelligence said: “We identified Robinhood as the owner of the third largest Bitcoin wallet, which has been widely reported. But what most reports missed is that we also found that they are the owner of the fifth largest ETH wallet, holding $2.54 billion worth of ETH”.
In another tweet, Arkham clarified that funds in the wallet are held for user balances and that the SEC requires cryptocurrency balances on Robinhood to be backed at a 1:1 ratio.
Arkham said other cryptocurrencies held in Robinhood-affiliated wallets include 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu ($277.8 million), 4.9 million LINK ($29.7 million), and 2.6 million AVAX ($29.6).
