Coinbase, the leading U.S. cryptocurrency exchange, has been identified as the largest holder of Bitcoin worldwide.
Blockchain analytics firm Arkham Intelligence revealed that it has identified more than 36 wallet addresses associated with Coinbase with estimated holdings of 1 million in Bitcoin (BTC), or about $25 billion based on current prices. These Bitcoin holdings primarily represent reserves safeguarded on behalf of its customers.
In a September 22nd post on X (formerly Twitter), Arkham Intelligence named Coinbase the “world’s largest Bitcoin entity.” The exchange’s largest identified cold wallet holds about 10,000 bitcoins, worth about $265 million by press time.
This huge balance not only puts Coinbase above its main competitors in the market but also places it close to the enigmatic creator of Bitcoin, Satoshi Nakamoto, who is estimated to have an accumulated fortune close to 1.1 million BTC.
Coinbase specifically holds a total of 947,755 BTC, according to Arkham’s recent disclosures, which represents nearly 5% of all Bitcoin in circulation. To put things in perspective, the current circulating supply of Bitcoin is approximately 19,495,475, according to data from CoinMarketCap, while Binance, the world’s largest cryptocurrency exchange, holds nearly 619,000 BTC in its reserves, according to its latest report updated as of Sept. 1.
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Coinbase is a huge crypto whale
Beyond Bitcoin reserves, Arkham researchers also discovered that Coinbase is a whale in other cryptocurrencies. (In the digital currencies space, the term ‘whale’ refers to a large holder of a digital asset, with holdings large enough to influence the market.)
The exchange reportedly safeguards about 1.68 million Ethereum (ETH), valued at approximately $2.69 billion. Chainlink (LINK) is another cryptocurrency held by Coinbase in quantity, with reserves of 68.59 million LINK tokens, estimated to be worth about USD $471 million.
The exchange also holds 222 million USD Coin (USDC), a stablecoin pegged at a 1:1 ratio to the US dollar, and a notable amount of Binance Coin (BNB) valued at about USD $194 million.
It is worth noting that one cannot rule out the possibility that Coinbase has even larger Bitcoin reserves, as it may have additional undisclosed wallets.
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First published in DiarioBitcoin. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
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