Satoshi

USDC

Bitcoin

Arkham

Coin

<div class="cryptonews"> 
 <p class="is-style-lead">Coinbase holds $25 billion worth of Bitcoin, amounting to nearly 5% of the cryptocurrency’s total supply, according to Arkham Intel.</p> 
 <p>Blockchain intelligence platform Arkham Intel, on Sept. 22, revealed that U.S.-based crypto exchange Coinbase currently possesses close to 1 million Bitcoins (BTC) in its wallets.&nbsp;</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Arkham has now <a rel="dofollow" title="identified" href="https://thebittimes.com/tag/identified.html">identified</a> $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.<br><br>This makes Coinbase the <a rel="dofollow" title="largest" href="https://thebittimes.com/tag/largest.html">largest</a> 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</p>— Arkham (@ArkhamIntel) September 22, 2023
   </blockquote> 
  </div>
 </figure> 
 <p>The Bitcoin holding is valued at over $25 billion per the current market rates. It also constitutes almost 5% of all Bitcoin in circulation, an amount that would put Coinbase on par with the alleged holdings of Bitcoin’s elusive founder, Satoshi Nakamoto.</p> 
 <p>As asserted by Arkham, Coinbase’s Bitcoin portfolio consists of a grand total of 947,755 BTC. To put things in perspective, the current circulating supply of Bitcoin is approximately 19,493,875, as recorded by the crypto price tracking platform CoinGecko.&nbsp;</p> 
 <p>However, it’s critical to bear in mind that most of the coins belong to crypto exchange users, especially since Arkham highlighted that Coinbase utilizes around 36 million Bitcoin deposits and holding addresses, all of which the on-chain <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> platform consistently tracks and identifies.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Coinbase shows interest in FTX Europe amid global crypto derivatives expansion 
 </div> 
 <p>The data company also shared that Coinbase’s most substantial cold wallet contains 10,000 BTC, equating to about $265.8 million. Moreover, through an <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of Coinbase’s financial reports, Arkham anticipates that the exchange might have additional Bitcoins that are yet to be labeled and remain un<a rel="dofollow" title="identified" href="https://thebittimes.com/tag/identified.html">identified</a>.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC.<br><br>Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled. pic.twitter.com/WVdlTBWs8K</p>— Arkham (@ArkhamIntel) September 22, 2023
   </blockquote> 
  </div>
 </figure> 
 <p>Furthermore, Arkham uncovered that Coinbase’s cryptocurrency portfolio extends beyond Bitcoin and includes many other digital currencies.</p> 
 <p>The exchange reportedly houses close to 1.68 million Ether (ETH), which is valued at roughly $2.69 billion. Chainlink (LINK) is another cryptocurrency in Coinbase’s possession, with 68.59 million LINK tokens, estimated to be worth about $471 million.&nbsp;</p> 
 <p>The exchange also holds 222 million USD Coin (USDC), a stablecoin pegged at a 1:1 ratio with the U.S. dollar, and a noteworthy 921,000 Binance Coin (BNB) valued at approximately $194 million.</p> 
 <p>Meanwhile, the Bitcoin price has been holding steady in the wake of the decision by the Federal Open Market Committee (FOMC) not to hike interest rates. The coin made a near negligible gain of 0.1% in the last 24 hours and was trading at $26,599, with a trading volume of $26.5 billion at the time of going to press.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Meet the whales: Bitcoin’s biggest holders and their market influence 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/coinbase-identified-as-largest-bitcoin-holder-globally-tbt63838.html">https://thebittimes.com/coinbase-identified-as-largest-bitcoin-holder-globally-tbt63838.html</a></p>

Coinbase identified as largest Bitcoin holder globally

TheBitTimes

Other articles published on Sep 24, 2023

September Profit

The advances in technology turning blockchain mainstream | Opinion

Crypto Market Prediction: Here’s Where BTC, ETH, & XRP Price Heading This Week

Will CSX Stock (NASDAQ: CSX) Escape Congestion Zone Above $35?

USDT Exchange Inflow Volume Hits 1-Month Low

OpenSea and Nansen Security Alerts: A Detailed Look

Join our free newsletter for daily crypto updates!