- It was revealed by Arkham that it has found almost $25 billion worth of Bitcoin in Coinbase’s holdings.
- The amount of bitcoins held is around 948,000, which is closer to Satoshi Nakamoto’s 1 million bitcoins.
- Thus, according to Arkham analysts on X, Coinbase is the largest known Bitcoin entity in the world.
Bitcoin (BTC) is the most valuable digital asset in the world, with Coinbase being the largest institution in the world to possess it, according to blockchain intelligence company Arkham, which estimates that the cryptocurrency exchange holds BTC worth roughly $25 billion.
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According to Arkham, Coinbase has about 1 million Bitcoins.
On Friday, Arkham announced that it had identified approximately 1 million BTC for Coinbase reserves on-chain, making the US-based cryptocurrency giant “the largest Bitcoin entity in the world on Arkham.” The holdings represent around 5% of the total bitcoin supply, which indicates that the exchange’s BTC is almost equal to the amount credited to Satoshi Nakamoto, the person who created bitcoin.
In addition, 36 million Bitcoin deposit and holding addresses, including one that contains a cold wallet with 10,000 Bitcoins, are supposedly located at Coinbase. The intelligence platform warned that millions of additional untagged assets might exist.
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The largest cold wallet utilized by Coinbase had over 10,000 BTC, and Arkham has detected and tagged over 36 million BTC deposit and holding addresses used by Coinbase. Coinbase probably possesses thousands more BTC that aren’t yet classified, according to their most recent financials, Arkham wrote on X.
The Coinbase portfolio also has 1.68 million Ethereum (ETH), 68.6 million Chainlink (LINK), roughly 223 million USD Coin (USDC), and 921,000 BNB (BNB) in addition to Bitcoin. According to information on Arkham as of September 22, these assets help to make up Coinbase’s approximately $29 billion cryptocurrency portfolio.
The release of Arkham’s research coincides with Coinbase’s additional service expansion following regulatory permission in Spain. Additionally, the business has obtained Bank of Spain registration in order to provide services as a cryptocurrency exchange and custodial wallet provider.
Coinbase now has official regulatory milestones in Spain in addition to those in Italy, Singapore, the Netherlands, Brazil, and Canada. The exchange is likewise struggling with US regulatory ambiguity.
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