- Arkham, a blockchain intelligence platform, reveals Coinbase’s significant Bitcoin holdings.
- Coinbase has nearly 1 million Bitcoins (BTC) valued at $25 billion.
- This accounts for approximately 5% of the total Bitcoin supply.
Arkham, a reputable blockchain intelligence platform, has disclosed a significant revelation regarding the cryptocurrency exchange behemoth, Coinbase. It has come to light that Coinbase has amassed a substantial reserve of nearly 1 million Bitcoins (BTC), with a current market valuation of a staggering $25 billion.
The report from Arkham sheds light on Coinbase’s remarkable holdings, which constitute approximately 5% of the total Bitcoin supply. This data underscores Coinbase’s undeniable prominence within the cryptocurrency ecosystem.
Coinbase’s hidden fortunes
It’s worth noting that this revelation coincides with the backdrop of Bitcoin’s circulating supply, which presently stands at around 19,493,537 BTC, according to data sourced from CoinGecko.
Arkham’s report delves deeper, uncovering a concealed realm of cryptocurrency wealth. The platform has successfully tagged and identified an astounding 36 million Bitcoin deposit and holding addresses associated with Coinbase.
Astonishingly, Coinbase’s largest cold wallet alone contains approximately 10,000 BTC. However, Arkham speculates that Coinbase’s actual holdings might surpass their current estimate, with undisclosed assets potentially flying under the radar.
Interestingly, while Coinbase’s wallets boast an impressive $25 billion worth of BTC, the exchange itself technically owns only a fraction of this wealth—approximately 10,000 BTC, equivalent to roughly $200 million based on recent market rates.
The revelation of Coinbase’s extensive Bitcoin holdings has reverberated throughout the cryptocurrency community, sparking a spectrum of reactions and debates. Some members of the community interpret this disclosure as a call to action, urging cryptocurrency holders to reevaluate the security of their assets stored on exchanges. They argue that waiting until exchanges halt withdrawals may pose an unnecessary risk.
Conversely, others remain cautious about alternative storage solutions. They question the security and practicality of cold wallets as a means to safeguard their digital assets. The ongoing debate concerning the best practices for securing cryptocurrencies continues to gain momentum.
While Coinbase’s Bitcoin holdings have seized the headlines, the title of the largest corporate Bitcoin holder remains firmly in the hands of the business intelligence firm MicroStrategy.
As of their most recent earnings report on August 1, MicroStrategy’s co-founder, Michael Saylor, proudly declared ownership of an impressive 152,800 BTC. At that time, this substantial reserve was valued at over $4 billion, reaffirming MicroStrategy’s unwavering confidence in the world’s premier cryptocurrency.