Coinbase Controls 5% of Total Bitcoin Supply: Data

In a recent discovery by blockchain intelligence platform Arkham, it has come to light that cryptocurrency exchange giant Coinbase possesses a substantial stash of nearly 1 million Bitcoins stored in its wallets. As of the current market valuation for BTC, this cache of digital gold amounts to a staggering $25 billion.

Arkham’s analysis reveals that Coinbase’s holdings represent a formidable chunk of the entire Bitcoin ecosystem, weighing in at approximately 5% of the total supply. Their calculations indicate that Coinbase’s Bitcoin assets amount to an impressive 947,755 BTC. To put this in perspective, Bitcoin’s circulating supply hovers around 19,493,537, according to data from the coin information platform CoinGecko.

Intriguingly, Arkham’s investigation also uncovered 36 million Bitcoin deposit and holding addresses linked to Coinbase. Among these, the largest cold wallet was found to contain around 10,000 BTC. However, the intelligence firm suspects that Coinbase possesses even more undisclosed Bitcoin assets that remain untagged and unidentified.

Despite the exchange’s jaw-dropping $25 billion in BTC holdings, it’s important to note that Coinbase itself directly owns just a fraction of this cryptocurrency. Specifically, their ownership is limited to around 10,000 BTC, roughly valued at $200 million based on recent market prices.

The revelation of Coinbase’s substantial Bitcoin holdings has sparked a range of reactions within the crypto community. Some users are interpreting this as a warning sign, advocating for the withdrawal of BTC from centralized exchanges before potential disruptions occur. Others remain cautious, expressing concerns about the security of self-custody solutions and the viability of cold storage methods.

In the broader landscape of corporate Bitcoin ownership, it’s worth noting that business intelligence firm MicroStrategy still reigns supreme. In an earnings report dated August 1st, the company’s co-founder, Michael Saylor, proudly declared that MicroStrategy holds a remarkable 152,800 BTC, valued at over $4 billion at the time of the announcement.

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