- Coinbase’s Bitcoin ownership revealed at over 1 million BTC, valued at $25 billion.
- Dive into Coinbase’s extensive cryptocurrency holdings beyond Bitcoin, including ETH, LINK, USDC, BNB, GRT, UNI, and ZRX.
- Insights into the significance of this disclosure amidst regulatory challenges in the cryptocurrency industry.
A revelation by cryptocurrency analysis firm Arkham has brought to light Coinbase’s status as the world’s largest known holder of Bitcoin, underscoring its position as one of the foremost cryptocurrency exchanges globally. According to Arkham, Coinbase boasts ownership of approximately 1 million BTC, with a staggering valuation exceeding $25 billion.
The breakthrough was made possible through Arkham’s proprietary algorithm, specially designed to identify addresses associated with various cryptocurrency platforms and entities. Through this innovative algorithm, Arkham was able to tag over 36 million BTC deposit and holding addresses linked to Coinbase, with the largest cold wallet containing approximately 10,000 BTC.
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence – about as much as Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
— Arkham (@ArkhamIntel) September 22, 2023
Coinbase’s cryptocurrency portfolio extends well beyond Bitcoin, as Arkham’s analysis reveals. The exchange also possesses 1,686,000 ETH, valued at $2.68 billion, and 68,591,000 LINK tokens, valued at $467.10 million.
Furthermore, Coinbase holds significant quantities of 222,832,000 USD Coin (USDC), amounting to $222.83 million, and 921,875 Binance Coin (BNB), with a valuation of $194.11 million. The list continues with 854,137,000 The Graph (GRT) tokens, worth $74.62 million, 12,100,000 Uniswap (UNI) tokens, valued at $51.18 million, and 162,458,000 0x Protocol (ZRX) tokens, amounting to $30.28 million.
This disclosure of Coinbase’s extensive cryptocurrency holdings comes at a time when the exchange has been facing heightened scrutiny, including regulatory challenges.
Arkham’s findings offer a rare glimpse into the financial foundation of one of the cryptocurrency world’s most prominent entities. Based on their latest financial reports, Arkham suggests that Coinbase may still possess thousands more BTC yet to be accounted for.
In a tweet from late last year, Brian Armstrong, CEO of Coinbase, revealed that the company holds approximately 2 million Bitcoins, valued at $39.9 billion as of September 30, 2022. Armstrong’s announcement aimed to dispel any “fear, uncertainty, and doubt” surrounding the company’s financial stability. He emphasized that Coinbase’s financial information is publicly available, given its status as a publicly traded company, and shared the firm’s shareholder letter that provides an overview of Coinbase’s asset holdings.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.