Coinbase Holds Almost $25 Billion in Bitcoin Reserves, Says Arkham
According to blockchain intelligence firm Arkham, Coinbase, the top US crypto exchange, holds approximately $25 billion worth of Bitcoin (BTC) in reserves. This makes Coinbase the largest Bitcoin entity that Arkham has analyzed so far. In fact, Coinbase’s BTC holdings account for nearly 5% of the total BTC in existence, which is roughly the same amount held by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Coinbase’s Bitcoin Holdings and Wallets
Arkham reports that Coinbase holds over 947,000 Bitcoin across 36 million BTC deposit and holding addresses. The exchange’s largest cold wallet alone contains around 10,000 BTC. Additionally, Arkham suggests that there may be thousands of additional Bitcoin held by Coinbase that haven’t been identified yet.
Overall Crypto Reserves
In addition to its significant Bitcoin holdings, Coinbase also has a total of $28.904 billion worth of crypto in reserves. This includes $2.69 billion worth of Ethereum (ETH), $520 million worth of Chainlink (LINK), and $234.59 million of the stablecoin USDC.
USDC Governance Transition
Coinbase and Circle co-created USDC in 2018 and jointly managed the asset until recently when Circle took over all governance and operations responsibilities. Coinbase had also expressed its intention to acquire an equity stake in Circle.
Coinbase’s BTC Holdings Compared to Other Companies
According to Bitcointreasuries.net, Coinbase owns nearly $249 million worth of BTC, making it the fourth-largest Bitcoin treasury globally after MicroStrategy, Marathon Digital Holdings, and Tesla.
Hot Take: Coinbase Dominates the Crypto Market with Massive Bitcoin Reserves
Coinbase’s massive holdings of Bitcoin solidify its position as a dominant player in the cryptocurrency market. With nearly $25 billion worth of BTC in reserves, Coinbase has emerged as one of the largest entities in the Bitcoin ecosystem, rivaling even Satoshi Nakamoto. Additionally, Coinbase’s diverse crypto reserves demonstrate its commitment to providing a wide range of digital assets to its users. As Coinbase continues to expand and innovate, its influence in the crypto industry is likely to grow even further.
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