Coinbase Revealed to Hold Nearly 1 Million BTC, Valued at $25 Billion, According to Arkham Analysis
Coinbase possesses nearly a million BTC, valued at $25 billion; community's reaction varies.
Sun, 24 Sep 2023, 23:05 pm UTC
Arkham, a prominent blockchain analytics firm, has revealed the significant Bitcoin (BTC) holdings of the cryptocurrency exchange Coinbase. According to Arkham's findings, Coinbase holds nearly 1 million BTC, valued at approximately $25 billion at current market prices.
Delving into the details, Arkham's research indicates that Coinbase's BTC holdings represent approximately 5% of the total Bitcoin supply worldwide. To provide context, CoinGecko, a reputable digital currency data aggregator, estimates that there are approximately 19.5 million BTC in circulation globally.
It's important to note that not all of the BTC held in Coinbase's wallets belong to the exchange itself. While Coinbase manages wallets containing billions of dollars' worth of BTC, its actual corporate-owned BTC holdings amount to about 10,000 BTC, equivalent to approximately $200 million based on current prices.
Arkham's analysis goes further by identifying and tagging approximately 36 million Bitcoin deposit and holding addresses associated with Coinbase. Additionally, the firm revealed that Coinbase's largest cold wallet, a secure form of offline storage, contains around 10,000 BTC. Arkham speculates that there may be additional untagged Bitcoin holdings owned by Coinbase that have not yet been identified in their research.
The cryptocurrency community has had mixed reactions to this revelation. Some users have considered withdrawing their BTC from exchanges amid concerns about potential withdrawal restrictions in the future. Others have pointed out that securing large amounts of Bitcoin in cold storage comes with its own set of challenges, and there is no one-size-fits-all solution for safeguarding digital wealth.
In the realm of corporate Bitcoin ownership, it's worth noting that MicroStrategy continues to be a prominent player. In their August financial disclosure, MicroStrategy revealed that they hold 152,800 BTC, valued at over $4 billion, reaffirming the statements made by Michael Saylor, the company's co-founder and CEO, regarding their significant Bitcoin holdings.
<Copyright © TokenPost. All Rights Reserved. >