Arkham, a blockchain intelligence platform, recently unveiled a startling revelation: cryptocurrency giant Coinbase boasts an astonishing stash of nearly 1 million Bitcoins within its wallets.
In the current volatile crypto market, these coins carry a staggering valuation of over $25 billion.
To put this revelation into perspective, Arkham’s findings indicate that Coinbase’s holdings represent approximately 5% of the entire global Bitcoin supply.
Their meticulous analysis discerned a grand total of 947,755 BTC under Coinbase’s control, while the circulating supply of Bitcoin stands at approximately 19,493,537 according to CoinGecko, a trusted source for crypto data.
What’s more, Arkham’s investigations didn’t stop at the sheer volume of holdings.
They went on to identify a staggering 36 million Bitcoin deposit and holding addresses linked to the exchange.
In particular, Arkham pointed out that Coinbase’s largest cold wallet alone shelters around 10,000 BTC.
Remarkably, the intelligence experts at Arkham speculate that Coinbase might have undisclosed Bitcoin holdings that remain off the radar, eluding identification.
However, there’s a twist in the tale. Despite Coinbase’s colossal BTC holdings, the exchange technically only “owns” a fraction of this digital goldmine.
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In fact, recent data shows that Coinbase has direct ownership of roughly 10,000 of the Bitcoins it houses, which translates to a value of approximately $200 million.
This revelation highlights the complex dynamics of cryptocurrency exchanges and their role as custodians of user assets.
The cryptocurrency community erupted in a flurry of reactions upon learning about Coinbase’s substantial Bitcoin reserves.
Some individuals took it as a warning sign, advocating for the withdrawal of BTC from centralized exchanges, cautioning against waiting until withdrawals are suspended.
Others argued that concerns surrounding the security of cold wallets make it challenging for holders to find a truly safe storage solution for their digital assets.
It’s worth noting that when it comes to corporate Bitcoin ownership, MicroStrategy, a business intelligence firm, continues to reign supreme.
As of the latest available data, MicroStrategy’s co-founder Michael Saylor proudly declared the company’s possession of a staggering 152,800 BTC, with a valuation exceeding $4 billion.
This further underscores the growing trend of institutional adoption of Bitcoin as a store of value.
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