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Robinhood, the financial services company best known for stock trading, is making headlines in the cryptocurrency world. Arkham Intelligence, a crypto analytics firm, recently disclosed that Robinhood not only has one of the largest Bitcoin wallets but also ranks as the fifth-largest Ether (ETH) wallet holder globally, with an astonishing $2.54 billion in ETH.
Arkham Intelligence initially created buzz when it exposed Robinhood as the third-largest Bitcoin holder. However, the spotlight has yet to fully shine on the company's position in Ether holdings. Arkham's additional reports clarify that the enormous amount of cryptocurrency is technically owned by users and is held in custody by Robinhood.
Other analytics show that Robinhood’s crypto portfolio doesn't stop at Ether and Bitcoin. BitInfoCharts lists the company as holding a diverse array of cryptocurrencies like 122,076 BTC valued at around $3.3 billion, 34.1 trillion Shiba Inu (SHIB) coins worth approximately $277.8 million, Chainlink's LINK tokens totaling $29.7 million, and Avalanche (AVAX) with an approximate value of $29.6 million. Despite its strong foothold in the crypto market, Robinhood has experienced a downturn in its crypto-trading revenue, slipping to $31 million in the second quarter from an earlier $38 million in the first quarter.
On another front, Robinhood continues to adapt to consumer needs by extending its wallet services. A recent company update announced the inclusion of new features for Bitcoin and Dogecoin, like sending and receiving capabilities. These additional offerings join the existing Ethereum trading feature, all aimed at catering to a growing user base eager for a diversified crypto portfolio.
While Robinhood may be better known for its activities in the stock market, the firm is evidently building a powerhouse presence in the ever-evolving world of digital currencies. As the landscape changes, Robinhood's multi-billion-dollar crypto portfolio ensures it remains a pivotal player in the fast-paced world of digital assets.
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