Coinbase, a leading cryptocurrency exchange, has been spotlighted by blockchain intelligence entity Arkham for holding nearly 1 million Bitcoin in its wallets, equating to around $25 billion. This astonishing revelation indicates that Coinbase is in possession of almost 5% of all Bitcoin currently in circulation, establishing it as one of the most significant Bitcoin entities globally.
Arkham has meticulously disclosed that Coinbase’s holdings amount to 947,755 BTC, with the circulating supply of Bitcoin being approximately 19,493,537 according to reputable sources like CoinGecko. This substantial holding is parallel to the amount presumed to be held by the enigmatic creator of Bitcoin, Satoshi Nakamoto.
While Coinbase’s wallets are laden with over $25 billion in BTC, the exchange itself has ownership of only around 10,000 of the Bitcoin it holds, valued at approximately $200 million. This differentiation is pivotal as it underscores the extensive amount of user assets overseen by the exchange.
Arkham’s detailed analysis also unveiled 36 million Bitcoin deposit and holding addresses utilized by Coinbase, with the exchange’s largest cold wallet holding around 10,000 BTC. The intelligence entity conjectures that there might be additional Bitcoin linked to Coinbase that are unlabeled and, therefore, remain unidentified.
The exposure of this information has elicited a spectrum of reactions within the cryptocurrency community. Some members interpret this as an indication to withdraw their BTC from exchanges, advising others to act before exchanges impose withdrawal restrictions. Conversely, others contend that due to legitimate concerns regarding cold wallets, securing a reliable method to store assets is still a dilemma.