Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Coinbase identified as largest Bitcoin holder globally

Published Sep 24, 2023 08:57AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters Coinbase identified as largest Bitcoin holder globally
 
COIN
-2.88%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Crypto.news - Coinbase (NASDAQ:COIN) holds $25 billion worth of Bitcoin, amounting to nearly 5% of the cryptocurrency’s total supply, according to Arkham Intel (NASDAQ:INTC).

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.

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.

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.

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 analysis platform consistently tracks and identifies.

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 analysis of Coinbase’s financial reports, Arkham anticipates that the exchange might have additional Bitcoins that are yet to be labeled and remain unidentified.

Furthermore, Arkham uncovered that Coinbase’s cryptocurrency portfolio extends beyond Bitcoin and includes many other digital currencies.

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.

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.

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.

This article was originally published on Crypto.news

Coinbase identified as largest Bitcoin holder globally
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Otis Grant
Otis Grant Sep 24, 2023 1:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They hokd it all for GBTC its not thiers
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email