Coinbase Holds an Estimated 5% of Bitcoin, Comparable to Satoshi Nakamoto
A recent analysis by blockchain intelligence platform Arkham suggests that Coinbase, the leading cryptocurrency exchange, holds a significant amount of Bitcoin. In fact, Arkham claims that Coinbase’s Bitcoin holdings are comparable to those of the mysterious creator of Bitcoin, Satoshi Nakamoto. This amounts to approximately 5% of all Bitcoin in existence.
Impressive Position for Coinbase
Over the years, Coinbase has steadily increased its Bitcoin holdings under the leadership of CEO Brian Armstrong. Now, according to Arkham’s research, Coinbase has become the largest owner of Bitcoin, rivaling the holdings of Satoshi Nakamoto.
Satoshi Nakamoto’s Bitcoin wallet remains untouched since the creator disappeared after launching the world’s first cryptocurrency and solving the double-spend problem.
This significant holding puts Coinbase in a prime position for a future where Bitcoin could become one of the most valuable assets globally. This is especially noteworthy as Bitcoin exists outside of the rapidly depreciating fiat monetary system.
The Extent of Coinbase’s BTC Holdings
While Arkham has identified and tagged over 36 million BTC deposit and holding addresses used by Coinbase, it has not been able to fully investigate all of Coinbase’s wallets. Therefore, it hypothesizes that there are many more unidentified wallets associated with the exchange.
Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC.Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled. pic.twitter.com/WVdlTBWs8K
— Arkham (@ArkhamIntel) September 22, 2023
Arkham has identified Coinbase’s largest cold wallet, which holds around 10,000 bitcoins. However, it believes that Coinbase likely possesses thousands more bitcoins that have not yet been labeled or identified.
Other Crypto Assets Held by Coinbase
As a prominent cryptocurrency exchange, Coinbase also holds other digital assets. Apart from Bitcoin, its second-largest holding is ETHER with a value of $2.68 billion. It also holds $488 million worth of LINK and $193 billion worth of BNB, the exchange token of its biggest competitor, Binance.
Hot Take: Coinbase’s Significant Bitcoin Holdings and Future Prospects
Coinbase’s substantial holdings of Bitcoin highlight its position as a major player in the cryptocurrency industry. As Bitcoin continues to gain recognition and potential as a global asset, Coinbase’s significant stake positions it for success in the future. With the ongoing depreciation of fiat currencies, Bitcoin’s value and importance may only increase further. Coinbase’s strategic accumulation and management of Bitcoin could prove to be a wise move, solidifying its role as a key player in the evolving financial landscape.
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