Arkham Claims that Coinbase Owns Approximately 1 Million Bitcoins worth over $25 Billion!
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Blockchain analytics firm Arkham has unveiled astonishing details about Coinbase’s Bitcoin holdings. With a staggering one million BTC valued at over $25 billion, Coinbase has positioned itself as the world’s largest known Bitcoin Custodian. But the revelations don’t stop at Bitcoin; Coinbase’s expansive portfolio across various cryptocurrencies has also been revealed.
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence – about as much as Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
— Arkham (@ArkhamIntel) September 22, 2023
The Numbers Game
With a treasure trove of 36 million BTC deposits and holding addresses and a cold wallet containing roughly 10,000 BTC, Coinbase’s impact on the cryptocurrency market is monumental. This places the exchange in possession of nearly 5% of all existing Bitcoins, aligning it closely with the creator of Bitcoin, Satoshi Nakamoto.
The Diverse Portfolio
Arkham’s investigation dives deeper into the vault, revealing the exchange’s impressive array of assets. Holding 1,686,000 ETH valued at $2.68 billion, 68,591,000 LINK worth $467.10 million, and a slew of other cryptocurrencies.
Other Notable Holdings Include:
222,832,000 USD Coin (USDC), worth $222.83 million
921,875 Binance Coin (BNB), valued at $194.11 million
854,137,000 The Graph (GRT) tokens, worth $74.62 million
12,100,000 Uniswap (UNI) tokens worth $51.18 million
162,458,000 0x Protocol (ZRX) tokens, valued at $30.28 million
The Blackrock Connection
While the crypto community was abuzz with Coinbase’s towering presence, a tweet joked that asset management giant BlackRock would be keen to wrest this milestone from Coinbase. But the twist in the tale? Coinbase is already a custodian for BlackRock, a partnership both companies announced months ago. Now, you can have a bigger picture of the power dynamics within the crypto space.
It’s worth noting that Coinbase is currently facing a lawsuit from the US SEC for alleged violations of custody rules and other charges. Should the SEC approve BlackRock’s ETF filing, it could lead to a swift resolution of the ongoing lawsuit.
Filed under: Bitcoin - @ September 23, 2023 7:23 am