Outside Source
Coinbase holds nearly 1 million Bitcoin (BTC) in its wallets, accounting for approximately 5% of the total existing BTC supply.
Blockchain intelligence platform Arkham has identified Coinbase as the largest Bitcoin entity in the world, holding a total of 947,755 BTC (worth over $25 billion).
“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,” the platform said in a recent tweet.
Additionally, Arkham has identified and tagged 36 million Bitcoin deposit and holding addresses associated with Coinbase.
The largest cold wallet held by the exchange is reported to contain around 10,000 BTC.
However, Arkham suggested that Coinbase may possess additional Bitcoin that has not been labeled or identified, based on the exchange’s financial reports.
Although Arkham claims Coinbase holds over $25 billion worth of BTC, data by CoinGecko shows the exchange actually owns only around 10,000 Bitcoin, equivalent to approximately $200 million.
Coinbase’s BTC Holdings Spark Mixed Reactions
The revelation about Coinbase’s substantial Bitcoin holdings has sparked mixed reactions within the crypto community.
Some individuals view it as a signal to withdraw their Bitcoin from centralized exchanges, cautioning against waiting until exchanges potentially halt withdrawals.
“CEXs are not a place to HODL your coins, use the amazing feature that crypto provides and become a self custodian with your cold wallet,” one Reddit user said.
In terms of Bitcoin ownership by companies, business intelligence firm MicroStrategy maintains its position as the largest holder.
In August, the company’s co-founder, Michael Saylor, announced that MicroStrategy owns 152,800 BTC, valued at over $4 billion at the time of writing.
Coinbase’s significant Bitcoin holdings demonstrate its leading position within the cryptocurrency industry despite growing regulatory scrutiny.
Back in June, the SEC sued Coinbase for selling unregistered securities and a number of other alleged wrongdoings.
The commission also accused the exchange of illegally running a range of financial services, including trading securities and failing to register as a securities exchange.
Following the SEC lawsuit, the largest US-based cryptocurrency exchange also received Show Cause orders from 11 US states, which requires Coinbase to justify why it shouldn’t cease operations in the states.
Meanwhile, despite the regulatory scrutiny, Coinbase has beat second-quarter revenue expectations on higher interest income.
The exchange’s stock has also seen a blistering rally this year, gaining 156% amid renewed retail interest and sector-wide tech rebound.
It is worth noting that Coinbase-backed Base blockchain has also been making headlines as of late.
As reported, Base has surpassed Solana (SOL) in terms of total value locked (TVL).
Base’s TVL has reached an impressive $397.32 million since its launch in August, outpacing Solana’s TVL of $358.96 million.
This article first appeared at Cryptonews
