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Blockchain intelligence platform Arkham has recently revealed that cryptocurrency exchange Coinbase possesses nearly 1 million Bitcoin (BTC) in its wallets. At current market valuations, these coins exceed a value of $25 billion.
As per Arkham’s findings, the exchange’s Bitcoin holdings constitute nearly 5% of the total supply of Bitcoin in existence. Arkham reported that Coinbase currently holds a total of 947,755 BTC. Presently, Bitcoin’s circulating supply is approximately 19,493,537, according to the coin information platform 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
Additionally, Arkham noted that they have tagged and recognized 36 million Bitcoin deposit and holding addresses associated with the exchange. According to Arkham, Coinbase’s largest cold wallet contains approximately 10,000 BTC. Based on the exchange’s financial disclosures, the intelligence firm suspects that Coinbase possesses additional Bitcoin that remains untagged and unidentified.
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While Coinbase holds over $25 billion in BTC within its wallets, the exchange reportedly owns only around 10,000 BTC, valued at over $200 million, according to recent statistics.
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In the meantime, community members have shared mixed reactions to the revelation regarding the volume of Bitcoin held by the centralized exchange. Some individuals view this as a prompt to withdraw their BTC from exchanges, cautioning holders not to delay until exchanges potentially restrict withdrawals. Others argue that, given the legitimate concerns surrounding cold wallets, there is no optimal solution for asset storage.
Regarding Bitcoin ownership among corporations, business intelligence firm MicroStrategy continues to hold the largest amount of BTC. In earnings results released on August 1, the firm’s co-founder Michael Saylor stated that the company owns 152,800 BTC, valued at over $4 billion at the time of reporting.
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