Outside Source
Coinbase holds $25 billion worth of Bitcoin, amounting to nearly 5% of the cryptocurrency’s total supply, according to Arkham Intel.
Blockchain intelligence platform Arkham Intel, on Sept. 22, revealed that U.S.-based crypto exchange Coinbase currently possesses close to 1 million Bitcoins (BTC) in its wallets.
The Bitcoin holding is valued at over $25 billion per the current market rates. It also constitutes almost 5% of all Bitcoin in circulation, an amount that would put Coinbase on par with the alleged holdings of Bitcoin’s elusive founder, Satoshi Nakamoto.
As asserted by Arkham, Coinbase’s Bitcoin portfolio consists of a grand total of 947,755 BTC. To put things in perspective, the current circulating supply of Bitcoin is approximately 19,493,875, as recorded by the crypto price tracking platform CoinGecko.
However, it’s critical to bear in mind that most of the coins belong to crypto exchange users, especially since Arkham highlighted that Coinbase utilizes around 36 million Bitcoin deposits and holding addresses, all of which the on-chain analysis platform consistently tracks and identifies.
The data company also shared that Coinbase’s most substantial cold wallet contains 10,000 BTC, equating to about $265.8 million. Moreover, through an analysis of Coinbase’s financial reports, Arkham anticipates that the exchange might have additional Bitcoins that are yet to be labeled and remain unidentified.
Furthermore, Arkham uncovered that Coinbase’s cryptocurrency portfolio extends beyond Bitcoin and includes many other digital currencies.
The exchange reportedly houses close to 1.68 million Ether (ETH), which is valued at roughly $2.69 billion. Chainlink (LINK) is another cryptocurrency in Coinbase’s possession, with 68.59 million LINK tokens, estimated to be worth about $471 million.
The exchange also holds 222 million USD Coin (USDC), a stablecoin pegged at a 1:1 ratio with the U.S. dollar, and a noteworthy 921,000 Binance Coin (BNB) valued at approximately $194 million.
Meanwhile, the Bitcoin price has been holding steady in the wake of the decision by the Federal Open Market Committee (FOMC) not to hike interest rates. The coin made a near negligible gain of 0.1% in the last 24 hours and was trading at $26,599, with a trading volume of $26.5 billion at the time of going to press.
This article first appeared at crypto.news
