Arkham, a blockchain intelligence platform, has recently uncovered that the cryptocurrency exchange Coinbase possesses nearly 1 million Bitcoins within its wallets.
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Coinbase BTC Bag Revealed
Based on Arkham’s research, the holdings of the exchange constitute nearly 5% of the total existing Bitcoin supply, which translates to a value exceeding $25 billion according to current BTC market prices.
Specifically, Coinbase’s Bitcoin holdings amount to a total of 947,755 BTC. As per the information provided by the coin data platform CoinGecko, the current circulating supply of Bitcoin stands at approximately 19,493,537.
36 Addresses Associated with the Exchange
In addition, Arkham has identified and labeled 36 million Bitcoin deposit and holding addresses that are associated with the exchange with its largest cold wallet having approximately 10,000 BTC. It’s worth noting that there may still be more unlabeled and unidentified Bitcoin holdings held by Coinbase, according to reports.
Nonetheless, even though Coinbase’s wallets contain more than $25 billion worth of Bitcoin, the exchange itself has ownership of only approximately 10,000 of the total Bitcoin it holds, equivalent to a value of approximately $200 million.
MicroStrategy Remains Largest Corporate Holder
Notably, in terms of Bitcoin ownership among companies, the business intelligence firm MicroStrategy continues to hold the largest BTC reserves. Earlier, MicroStrategy’s CEO, Michael Saylor, reaffirmed his commitment to Bitcoin with a X post stating, “In #Bitcoin We Trust.”
The firm’s persistent efforts to instill trust and confidence among its users and the broader cryptocurrency community are noteworthy.
Coinbase Expansion Plans
Coinbase has recently made a noteworthy move to broaden its cryptocurrency services in Spain. Reports indicate that it has taken a significant step towards its international expansion strategy, known as “Go Broad, Go Deep,” by officially registering as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.
The US-based crypto exchange had previously stated that its expansion into an offshore derivatives exchange was a key component of its strategy to gain international recognition spanning six continents.
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