Arkham Intel Discovers $25 Billion Worth of Bitcoin Held by Coinbase
A leading blockchain intelligence platform called Arkham Intel has made a significant discovery regarding Coinbase, one of the largest cryptocurrency exchanges in the US. According to Arkham Intel’s analysis, Coinbase holds approximately $25 billion worth of Bitcoin reserves. This revelation positions Coinbase as the largest Bitcoin entity in the world alongside Satoshi Nakamoto, the anonymous creator of Bitcoin. The uncovered reserves represent nearly 5% of the total Bitcoin supply.
Coinbase Emerges as Top Bitcoin Holder
Arkham Intel’s comprehensive analysis has identified over 36 million Bitcoin deposits and holding addresses associated with Coinbase. Notably, Coinbase’s largest cold wallet alone contains around 10,000 BTC, demonstrating the scale of their holdings. However, it is suggested that Coinbase may possess even more Bitcoin reserves beyond the identified addresses based on their recent financial reports.
In addition to Bitcoin, Arkham Intel’s platform reveals that Coinbase holds significant amounts of other cryptocurrencies. This includes approximately 1.68 million ETH (Ethereum), 68.59 million LINK (Chainlink) tokens, 222 million USDC (USD Coin), and 921,000 BNB (Binance Coin).
Base Surpasses Solana in TVL Rankings
Base, Coinbase’s Layer-2 (L2) blockchain solution, has achieved an important milestone by surpassing Solana in terms of Total Value Locked (TVL). According to Defillama statistics, Base now has a TVL of $370 million compared to Solana’s $310 million. This achievement highlights Base’s growing prominence and influence within the industry.
Base’s TVL places it ahead of other prominent blockchains such as Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano. It accounts for approximately 0.96% of the overall $38.14 billion TVL in the DeFi space.
Since its L2 launch, Base has successfully bridged a total value of $426.81 million, with strong support and adoption from the Ethereum community. This includes 143,467 ether and 115,993,548 USDC stablecoins.
Hot Take: Coinbase Stocks Experience Decline Amid SEC Lawsuit
While Coinbase’s cryptocurrency holdings and Base’s TVL achievements are noteworthy, there is negative news for the firm regarding its stocks. Since July 20, Coinbase stocks (COIN) have been experiencing a significant decline. This decline can be attributed to the lawsuit filed by the US Securities and Exchange Commission (SEC) against both Coinbase and Binance. Currently, the stocks are trading at $71.78.
Overall, Arkham Intel’s discovery showcases Coinbase’s substantial Bitcoin reserves, solidifying its position as a leading player in the crypto industry. Additionally, Base’s success in surpassing Solana in TVL rankings demonstrates its growing influence within the DeFi landscape. However, the decline in Coinbase stocks raises concerns amid regulatory challenges.
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