A digital pockets related to Robinhood, the United States-based portal permitting customers to commerce a number of devices, together with crypto with out fee, is the fifth largest holder of Ethereum (ETH). In keeping with Arkham Intelligence, an on-chain analytics platform, Robinhood controls 1.72 million ETH, value $2.93 billion at present costs as of August 30.
It couldn’t be instantly ascertained whether or not Robinhood instantly owned these cash or if it custody them on behalf of purchasers. The buying and selling and investing platform has not come out to make clear the standing of their cash, together with Bitcoin and Shiba Inu (SHIB), which type an enormous chunk of their portfolio.
Nonetheless, based mostly on on-chain information, what’s evident is that the Robinhood pockets cumulatively holds billions value of cash.
Robinhood Holds Billions of Property
As an instance, Robinhood controls over $6.6 billion of crypto belongings, of which over half comprise Bitcoin and Ethereum. Presently, they management $3.3 billion of BTC and, as aforementioned, $2.93 billion of ETH. There are additionally different cash of their possessions, together with SHIB, value $227 million; Chainlink (LINK), valued at $30 million; and Avalanche (AVAX), value $29 million.
In whole, the platform holds over 30 digital belongings, together with stablecoins. What’s notable is that Robinhood is mild on USDT. The tracker exhibits that Robinhood solely controls $1,720 of USDT however over $5.1 million of its major competitor, USDC.
There isn’t a obvious cause for this clear skew in stablecoin choice for USDC over USDT.
USDT enjoys the first-mover benefit and stays the world’s most liquid stablecoin and the third-largest digital asset, forward of USDC.
Over $49 Billion Price Of Ethereum Locked In The Beacon Chain
With over $2.93 billion of ETH, Robinhood trails different platforms, together with Kraken and Binance. Amongst centralized exchanges, Binance is the most important holder of ETH, of which an enormous chunk belongs to purchasers.
Binance controls a number of chilly wallets that cumulatively maintain billions of cash. Chilly wallets aren’t linked to the web and are sometimes thought-about safer.
Past exchanges, the only largest pockets controlling ETH is the official deposit contract on the Beacon Chain, which holds 6% of all cash in circulation. Totally different validators, tasked with approving transactions on the proof-of-stake Ethereum blockchain, have locked over 29.1 million ETH value over $49 billion.
Characteristic picture from Patrick Sison/AP, chart from TradingView