A recent report from Arkham Intelligence has revealed that Robinhood is the owner of the world's fifth largest Ethereum wallet, holding 1.49 million ETH worth $2.54 billion at the time of publishing.

The platform clarified that the funds in the wallet are held in custody for user balances.

Robinhood controls over $6.6 billion of crypto assets, over half of its holdings comprise Bitcoin and Ethereum.

The announcement followed Robinhood's recent decision to add Ethereum swap features to its crypto wallet.