Coinbase Holds 5% of Bitcoin, Almost as Much as Satoshi Nakamoto
According to blockchain analytical firm Arkham Intelligence, Coinbase, the popular cryptocurrency exchange, holds nearly 1 million units of Bitcoin. This amounts to approximately 5% of all BTC in circulation and is almost as much as Satoshi Nakamoto, the founder of the Bitcoin network.
Coinbase’s Bitcoin Reserves Worth $25 Billion
Reports suggest that Coinbase currently holds 948,380 BTC, valued at around $25 billion. These Bitcoin holdings primarily serve as reserves safeguarded on behalf of their customers. Arkham Intelligence has identified more than 36 million deposit and holding addresses associated with Coinbase, with the largest cold wallet containing approximately 10,000 BTC.
It’s worth noting that Coinbase may have additional undisclosed BTC holdings in other wallets. This further emphasizes the extensive adoption of cryptocurrencies in the United States, where a significant portion of Coinbase’s customer base resides.
ETH, LINK, and SOL Amongst Other Holdings
In addition to Bitcoin, Coinbase holds a substantial amount of altcoins such as Ethereum (ETH), Chainlink (LINK), USDC stablecoin, Solana (SOL), and BNB Coin backed by Binance. The total value of all these assets combined, including Bitcoin, exceeds $29 billion.
However, Coinbase’s altcoin holdings have faced regulatory scrutiny from the Securities and Exchange Commission (SEC). The SEC has labeled certain tokens like Solana as unregistered securities in its lawsuit against Coinbase. The commission also alleges that the exchange violated federal securities law in its operations.
Coinbase Advocating for Regulatory Clarity
Coinbase has been actively advocating for regulatory clarity within the cryptocurrency industry. In addition to its challenges with the SEC, the exchange has consistently spearheaded initiatives to address the regulatory uncertainties faced by crypto businesses in the United States.
Hot Take: Coinbase’s Significant Bitcoin Holdings and Regulatory Challenges
Coinbase’s massive Bitcoin holdings, which make it one of the largest Bitcoin entities in the world, highlight its influence in the cryptocurrency market. With $25 billion worth of BTC, Coinbase plays a crucial role in safeguarding customer reserves. However, its altcoin holdings have attracted regulatory scrutiny from the SEC, indicating the challenges faced by the exchange. Despite these challenges, Coinbase continues to advocate for regulatory clarity in the industry as it strives to navigate the evolving landscape of cryptocurrency regulations.
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