Arkham Invest recently discovered that Robinhood allegedly has the fifth largest Ethereum wallet globally.
This news comes shortly after Arkham pinpointed Robinhood as the owner of the world’s third largest Bitcoin wallet.
Robinhood’s Ethereum Holdings Is Staggering
Arkham Invest released findings that Robinhood holds approximately 1.493 million Ethereum, worth roughly $2.54 billion. Additionally, in the recent post on X (formerly Twitter), the investment firm declared this is the fifth largest holdings of Ethereum in the world.
In this particular wallet, Shibha ($163 million) takes the position of Robinhood’s second largest holding, followed by Chainlink ($14.23 million).
Upon the disclosure of the findings, a user raised the question of the funds’ actual owner.
“Is this their funds or user,” the user asked.
Arkham alludes to the SEC’s increasingly rigorous cryptocurrency regulations in recent times.
“Funds they hold in custody for user balances. SEC requires that crypto balances on RH are backed 1:1.”
This comes after Robinhood’s recent news introducing a new feature, Ethereum swaps. Users can now easily exchange Ethereum-based tokens without having to actually hold ETH. The network fees for these swaps are taken from the users’ existing tokens.
Recent Bitcoin Discovery
Only a day ago, Arkham revealed that Robinhood holds the third largest Bitcoin holdings. Arkham displayed a wallet screenshot holding 122,567 Bitcoin, worth approximately $3.43 billion.
At the time of publication, with Bitcoin’s price currently $27,250, this amount is worth $3.34 billion.
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