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While Coinbase holds $25 billion in BTC, the exchange only owns around $200 million worth of Bitcoin found in its wallets.
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Blockchain intelligence platform Arkham recently identified that crypto exchange Coinbase holds almost 1 million Bitcoin (BTC) in its wallets. The coins are worth more than $25 billion at current market prices for BTC.
According to Arkham, the exchange’s holdings amount to almost 5% of all Bitcoin that currently exists. Arkham said that Coinbase currently holds a total of 947,755 BTC. At the moment, Bitcoin’s circulating supply is around 19,493,537, according to coin information website CoinGecko.
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence – about as much as Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
— Arkham (@ArkhamIntel) September 22, 2023
Furthermore, Arkham also noted that they tagged and identified 36 million Bitcoin deposit and holding addresses used by the exchange. According to Arkham, Coinbase’s largest cold wallet holds around 10,000 BTC. Based on the exchange’s financial reports, the intelligence company believes that Coinbase has more Bitcoin that are not yet labeled and could not be identified yet.
While Coinbase is holding over $25 billion in BTC in its wallets, the exchange only owns around 10,000, worth over $200 million, of all the Bitcoin that it holds, according to recent data.
Related: Bitcoin mining can help reduce up to 8% of global emissions: Report
Meanwhile, community members expressed varying reactions to the news about the amount of Bitcoin that the centralized exchange holds. Some believe that it’s a sign to withdraw their BTC from exchanges, warning holders to not wait until exchanges start to halt withdrawals. Others say that since there are also legitimate concerns over cold wallets, there’s no good solution to store their assets.
When it comes to Bitcoin ownership by companies, business intelligence firm MicroStrategy still owns the most BTC. In earnings results posted on Aug. 1, the firm’s co-founder Michael Saylor declared that the company owns 152,800 BTC, worth over $4 billion at the time of writing.
Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in
This article first appeared at Cointelegraph.com News
