Crypto Glimpses: Robinhood's Digital Dominion
The crypto analytics powerhouse, Arkham Intelligence, has brought forth an intriguing revelation. This time, the spotlight shines on none other than Robinhood, the financial giant and crypto trading platform, unveiling their status as a major holder of the coveted cryptocurrency, Ether (ETH). This digital treasure currently rests at a value of $1,713, adding an extra layer of allure to the unfolding narrative.
In an equally captivating twist, Arkham Intelligence, utilizing the now-rebranded platform X, managed to whip up a buzz around Robinhood. The company's possession of the third-largest Bitcoin (BTC) wallet made waves, capturing the attention of many. However, amidst this fanfare, the lesser-discussed gem of information emerged – Robinhood's claim to the throne as the steward of the fifth-largest ETH wallet. Within this digital trove, a staggering $2.54 billion in cryptocurrency finds its home.
With a touch of intrigue, Arkham Intelligence also highlights the essence of these funds; they aren't just dormant digits but the lifeblood of user balances safeguarded under Robinhood's vigilant custody.
Zooming out to the broader crypto landscape, whispers suggest that the biggest Bitcoin vaults globally owe their allegiance to none other than Binance and Bitfinex, commanding the scene with BTC dancing around $27,300.
Our identification of Robinhood as the owner of the third-largest Bitcoin wallet was widely covered.— Arkham (@ArkhamIntel) August 30, 2023
But most coverage missed that we’ve also identified them as the owner of the 5th largest ETH wallet, holding $2.54B of ETH.
Diving back into the enigma that is Robinhood's crypto coffers, the story takes a multi-dimensional turn. The wallet attributed to this financial behemoth boasts not just Ether but a diverse assembly of digital currencies. Behold: 122,076 BTC, a treasure worth $3.3 billion; a mind-boggling 34.1 trillion Shiba Inu (SHIB) tokens, translating to $277.8 million; 4.9 million units of Chainlink's LINK, contributing a cool $29.7 million; and last but not least, 2.6 million Avalanche (AVAX) coins, nestling comfortably at $29.6 million.
Despite its undeniable stature in the traditional stock trading arena, Robinhood's once-booming crypto escapades have hit a slump. The once-ebullient second-quarter crypto revenue has taken a dip, shrinking from the exuberant $38 million of the first quarter to a somewhat more modest $31 million.
As the narrative marches forward, a new chapter unfurls with Robinhood's latest decree – an expansion of its wallet prowess. This entails a fusion of custodial finesse, the art of sending and receiving Bitcoin and Dogecoin, all artfully intertwined with their existing Ethereum swapping functionality. This strategic metamorphosis, the company avows, is an eloquent response to the passionate pleas of its user base.
Transporting back to the maiden voyage of Robinhood Wallet in March, a picturesque scene unfolds. This wallet debut brought forth a self-custodial marvel catering to the Ethereum and Polygon networks, adorned with an eclectic array of tokens including COMP, the Compound token, at $42.90; MATIC, the Polygon token, at $0.5838; SHIB, the ubiquitous Shiba Inu token; SOL, the luminary Solana token, at $21; UNI, the Uniswap darling, at $4.65; and a touch of stability in the form of USDC, the USD Coin, standing strong at $1.00.