Coinbase Holds Nearly 1 Million Bitcoin Worth $25 Billion, Reveals Blockchain Analysis Firm Arkham
Summary:
Blockchain analysis firm, Arkham has found that cryptocurrency exchange, Coinbase, currently possesses almost 1 million Bitcoin, equivalent to about $25 billion. This stash represents nearly 5% of all Bitcoin in circulation. Despite holding vast amounts of Bitcoin, Coinbase reportedly owns just over 10,000 BTC, worth $200 million.
The crypto community has responded with mixed views, with some advising offloading of coins while others express cold storage concerns. In the corporate world, MicroStrategy, a business intelligence firm, outranks Coinbase by owning 152,800 BTC.
Blockchain analysis firm, Arkham, has discovered that the cryptocurrency trading platform, Coinbase, is currently in possession of nearly one million Bitcoin (BTC), which amounts to around $25 billion as per the current market value of BTC. Arkham's analysis indicates that this represents approximately 5% of the total Bitcoin in circulation. The data shows that the total number of Bitcoins held by Coinbase is approximately 947,755. When compared to the circulating supply of Bitcoins at present, roughly 19,493,537 according to CoinGecko, it's revealed that Coinbase has almost as many Bitcoins as Bitcoin's mysterious founder, Satoshi Nakamoto.
In addition, Arkham also pointed out that they have categorised and recognised 36 million Bitcoin deposit and holding addresses utilised by Coinbase. In their revealings, Arkham indicated Coinbase's primary cold wallet contains close to 10,000 BTC. The analytical firm anticipates, based on the crypto exchange's financial disclosures, that Coinbase possesses more unidentified and unlabeled Bitcoin. Despite the $25 billion worth of BTC that Coinbase houses, fresh data indicates the exchange personally owns only about 10,000 Bitcoins, valued at over $200 million.
Reaction to this announcement about the quantity of Bitcoin maintained by the centralised exchange has been mixed in the crypto community. Some suggest this is a signal to remove their BTC from such platforms due to concerns of possible withdrawal restrictions in the future. Conversely, others underscore the accredited worries associated with cold wallets, implying a lack of a foolproof method to store their cryptocurrencies.
When considering corporate ownership of Bitcoin, business intelligence agency, MicroStrategy, stakes claim to the most BTC. The company's co-founder, Michael Saylor, announced on August 1 that the enterprise owns 152,800 BTC, which was evaluated to be worth more than $4 billion at the time.
Published At
9/23/2023 11:15:28 AM
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