Robinhood Is The Fifth Largest Ethereum Wallet With $2.54B In ETH

Key Points:

• Robinhood holds $2.54 billion in the 5th largest Ethereum wallet for user balances.
• Its Q2 revenue dips to $31 million, showing reduced crypto trading activity.

Investment and trading platform Robinhood has emerged as a significant holder of cryptocurrency, with its fifth-largest Ethereum (ETH) wallet containing $2.54 billion, according to data from Arkham Intelligence. These funds are securely maintained to manage user balances, reflecting the company’s custody approach.

Although it has positioned itself as a crypto-friendly platform, its cryptocurrency trading activity has experienced a notable decline. In the second quarter, the platform’s revenue dropped to $31 million, down from the previous quarter’s $38 million.

This shift in crypto trading fortunes follows a similar pattern seen in its stock trading operations.

Notably, Robinhood’s influence in the cryptocurrency space extends beyond Ethereum. As Coincu reported, the company held over $3 billion worth of Bitcoin (BTC) in a single wallet, making it the third-largest Bitcoin holder globally.

This achievement, spread over several months, positioned the company just behind major crypto exchanges Binance and Bitfinex.

Recognized primarily for its stock trading services, it also caters to cryptocurrency enthusiasts through its trading offerings. Responding to user demands, the company’s wallet product now supports custody, transactions, and swaps for Bitcoin, Dogecoin, and Ethereum.

Amid these developments, Robinhood recently concluded its cryptocurrency partnership with Jump Trading. This move follows the US Securities and Exchange Commission’s inquiry into the company’s cryptocurrency activities earlier this year.

In June, Robinhood made headlines by discontinuing trading services for Cardano (ADA), Polygon (MATIC), and Solana (SOL). These decisions were influenced by regulatory concerns, as these coins had faced legal challenges in cases involving other prominent exchanges like Binance and Coinbase.

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