Coinbase, one of the largest cryptocurrency exchanges in the United States, is currently holding around $25 billion worth of Bitcoin, representing nearly 5% of the total supply of the cryptocurrency. This information was disclosed by Arkham Intel, a blockchain intelligence platform, on September 22, 2023.
According to Arkham Intel, Coinbase has close to 1 million Bitcoins in its wallets, making it the largest Bitcoin entity in the world on Arkham’s platform. The value of Coinbase’s Bitcoin holdings is estimated at over $25 billion, and this amount is equivalent to the alleged holdings of Bitcoin’s elusive founder, Satoshi Nakamoto.
It is important to note that while Coinbase possesses a significant amount of Bitcoin, most of these coins belong to the exchange’s users. Arkham highlighted that Coinbase uses around 36 million Bitcoin deposits and holding addresses, which the platform consistently tracks and identifies.
Arkham also revealed that Coinbase’s largest cold wallet contains 10,000 BTC, which is worth approximately $265.8 million. Additionally, through an analysis of Coinbase’s financial reports, Arkham predicts that the exchange might have additional Bitcoins that have not been labeled and remain unidentified.
In addition to Bitcoin, Coinbase holds various other cryptocurrencies in its portfolio. The exchange reportedly possesses around 1.68 million Ether (ETH), valued at approximately $2.69 billion. It also holds 68.59 million Chainlink (LINK) tokens, worth about $471 million. Furthermore, Coinbase has 222 million USD Coin (USDC), a stablecoin pegged to the U.S. dollar, and 921,000 Binance Coin (BNB), valued at around $194 million.
As for the price of Bitcoin, it has remained relatively stable following the decision by the Federal Open Market Committee (FOMC) not to raise interest rates. Over the past 24 hours, Bitcoin has seen a minimal gain of 0.1%, trading at around $26,599 with a trading volume of $26.5 billion.
In conclusion, Coinbase’s significant holdings of Bitcoin and other cryptocurrencies highlight its position as a major player in the crypto industry. As one of the largest exchanges in the United States, Coinbase’s portfolio influences the market and demonstrates the growing adoption of cryptocurrencies by investors and traders.
