Coinbase Holds $25 Billion in Bitcoin Reserves, Comparable to Satoshi Nakamoto’s Holdings
The largest cryptocurrency exchange in the United States, Coinbase, currently holds approximately $25 billion worth of Bitcoin. This amount is comparable to the holdings of Bitcoin’s elusive founder, Satoshi Nakamoto.
According to a post by Arkham Intelligence, Coinbase holds an estimated $25 billion in Bitcoin across around 36 million wallets. The largest cold wallet identified contains 10,000 Bitcoin, valued at around $265 million. However, this estimation only includes wallets connected to Coinbase.
Arkham Intelligence suggests that Coinbase’s holdings are close to those of Satoshi Nakamoto. While the true identity and exact holdings of Nakamoto remain unknown, it is believed that he mined over 1 million BTC between January and July 2009.
The Mystery Surrounding Satoshi Nakamoto’s Holdings
Nakamoto’s ownership of these wallets has not been definitively verified. If his ownership is confirmed, Nakamoto would be one of the biggest crypto whales today, with holdings worth over $26 billion.
Coinbase heavily relies on trading in Bitcoin and Bitcoin pairs, which account for a significant portion of its trading volume. In its recent quarterly earnings report, Coinbase revealed that Bitcoin trading constituted 40% of its total volumes and 39% of its transaction revenue.
Arkham Intelligence acknowledges that their estimation may be incomplete based on Coinbase’s financial statements. According to Coinbase’s most recent filing with the SEC, the exchange reported holding $60.7 billion in customer assets and liabilities in Bitcoin.
Hot Take: Coinbase Emerges as a Dominant Player in the Crypto Space
With its $25 billion in Bitcoin reserves, Coinbase has become the largest Bitcoin entity according to Arkham Intelligence. This significant amount represents almost 5% of all BTC in existence. Coinbase’s substantial holdings solidify its position as a dominant player in the cryptocurrency industry.
As the crypto market continues to evolve, Coinbase’s influence is likely to grow even further. The exchange’s impressive reserves demonstrate its ability to facilitate large-scale transactions and attract institutional investors. Coinbase’s role in the crypto ecosystem is crucial, providing stability and liquidity to the market.
While Satoshi Nakamoto’s true identity and holdings remain shrouded in mystery, Coinbase’s status as a major Bitcoin holder highlights the exchange’s importance within the crypto landscape.
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