Robinhood, the popular trading and investing platform in the United States, has emerged as the fifth-largest holder of Ethereum (ETH) with 1.72 million ETH in its digital wallet. This amounts to approximately $2.93 billion based on current prices.
It is unclear whether Robinhood directly owns these coins or if it custodies them on behalf of its clients. The platform has not provided clarification on the status of its cryptocurrency holdings, including Bitcoin and Shiba Inu (SHIB). However, on-chain data suggests that Robinhood holds billions of dollars’ worth of various cryptocurrencies.
In addition to Ethereum, Robinhood controls over $3.3 billion worth of Bitcoin. Other coins in their possession include SHIB, Chainlink (LINK), and Avalanche (AVAX). Robinhood holds a total of more than 30 digital assets, including stablecoins.
Interestingly, while Robinhood only controls a small amount of the popular stablecoin USDT, it holds over $5.1 million of its primary competitor, USDC. The reason for this preference for USDC over USDT remains unclear.
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