Blockchain intelligence platform Arkham recently identified that crypto exchange Coinbase holds nearly 1 million Bitcoin (btc) in their wallets. The coins are worth more than $25 billion at current market prices for BTC.
According to Arkham, the exchange's holdings represent almost 5% of all Bitcoin in existence. Arkham said that Coinbase holds a total of 947,755 BTC. At the moment, the circulating supply of Bitcoin is around 19,493,537, according to the coin information website CoinGecko.
Arkham has now identified $25 billion of Coinbase's Bitcoin reserves (~1 million BTC) on-chain.
This makes Coinbase the world's largest Bitcoin entity in Arkham, holding almost 5% of all BTC in existence, roughly as much as Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
- Arkham (@ArkhamIntel) September 22, 2023
Additionally, Arkham also noted that it tagged and identified 36 million Bitcoin holding and deposit addresses used by the exchange. According to Arkham, the largest cold wallet on Coinbase has around 10,000 BTC. Based on the exchange's financial reports, the intelligence company believes that Coinbase holds more Bitcoin that are not yet labeled and have not been able to be identified.
While Coinbase has over $25 billion worth of BTC in its wallets, the exchange only owns about 10,000 of all the Bitcoin it owns, which is worth about $200 million. according to recent data.
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Meanwhile, community members expressed varying reactions to the news regarding the amount of Bitcoin held by the centralized exchange. Some believe it is a sign for withdraw your BTC from exchanges, warning Holders should not wait until exchanges start stopping withdrawals. Others say since there is legitimate concerns about cold walletsThere is no good way to store your assets.
When it comes to Bitcoin ownership by companies, business intelligence company MicroStrategy still holds the largest amount of BTC. In earnings results released Aug. 1, company co-founder Michael Saylor declared that the company owns 152,800 BTCvalued at over $4 billion at the time of writing.
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