Arkham wrote on social media: “The widely reported news that Robinhood is the owner of the third-largest Bitcoin wallet has garnered attention. However, most reports missed that we have also identified them as the owner of the fifth-largest Ethereum wallet, holding $2.54 billion USD worth of ETH.”
In another post, Arkham clarified that the funds in the wallet will be held to cover users’ balances.
Arkham revealed that other cryptocurrencies held by wallets linked to Robinhood include 122,076 BTC ($3.3 billion USD), 34.1 trillion Shiba Inu ($277.8 million USD), 4.9 million LINK ($29.7 million USD), and 2.6 million AVAX ($29.6 million USD).
Robinhood, known for its stock trading platform, has faced challenges in its cryptocurrency trading activity. The company’s Q2 cryptocurrency revenue decreased to $31 million USD from $38 million USD in the first quarter.
The company announced on Wednesday (August 30) that their wallet product is adding “custodial support for deposit, send, and receive for Bitcoin and Dogecoin,” in addition to enabling Ethereum swaps. This added functionality is aimed at addressing users’ increased support needs.
When the Robinhood Wallet first launched in March, the self-custody wallet supported the Polygon and Ethereum networks, as well as tokens including COMP, MATIC, SHIB, SOL, UNI, and the USDC stablecoin.