The Astonishing Bitcoin Holdings of Coinbase
According to blockchain analytics firm Arkham, Coinbase, the popular cryptocurrency exchange, holds a staggering one million BTC, valued at over $25 billion. This makes Coinbase the largest known Bitcoin Custodian in the world. But it’s not just Bitcoin that Coinbase has a significant stake in; the company’s extensive portfolio also includes various other cryptocurrencies.
The Numbers Game
Coinbase’s impact on the cryptocurrency market is immense, with a vast collection of 36 million BTC deposits and holding addresses. Additionally, their cold wallet contains approximately 10,000 BTC. This means that Coinbase possesses nearly 5% of all existing Bitcoins, putting them in a position similar to that of Bitcoin’s creator, Satoshi Nakamoto.
It’s important to note that Coinbase is currently facing a lawsuit from the US SEC for alleged violations of custody rules and other charges. However, if the SEC approves BlackRock’s ETF filing, it could potentially lead to a swift resolution of the ongoing lawsuit.
Hot Take: Coinbase Holds the Keys to Bitcoin Dominance
Coinbase’s immense Bitcoin holdings solidify its position as a dominant force in the crypto world. With over one million BTC in their custody, valued at more than $25 billion, Coinbase surpasses all other entities in terms of Bitcoin ownership. This places them on par with Satoshi Nakamoto, the mysterious creator of Bitcoin.
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