Coinbase Emerges as the World's Leading Bitcoin Custodian

Last Updated September 25th 2023
3 Min Read

Key Takeaways -

  • Coinbase holds nearly 1 million BTC, making it the world's largest Bitcoin custodian with a market value of $25 billion.
  • Diverse Portfolio: Beyond Bitcoin, Coinbase also has significant holdings in Ether, Chainlink, USD Coin, and Binance Coin, showcasing its diversified asset management.
  • Market Stability: Despite major financial decisions, the Bitcoin market remains stable, with Coinbase's holdings playing a potentially influential role.

Ever wondered who holds the most Bitcoin on the planet? The answer might surprise you. Coinbase, a U.S.-based cryptocurrency exchange, has emerged as the undisputed leader. According to a detailed analysis by Arkham Intel, Coinbase's vault is home to nearly 1 million BTC. With a market value of an astounding $25 billion, this accounts for almost 5% of all Bitcoins currently in circulation.

A Glimpse into Dominance

A Glimpse into Dominance

Let's get into the nitty-gritty. Coinbase holds a total of 947,755 BTC. When you consider the current market value, that's a whopping $25 billion. This isn't just a large number; it's a monumental one. It represents nearly 5% of the total circulating supply of Bitcoin, which stands at 19,493,875 BTC, according to CoinGecko data.

Why It Matters

Coinbase's Bitcoin holdings are so massive that they're comparable to the mythical stash of Bitcoin's elusive creator, Satoshi Nakamoto. But here's a twist: a significant chunk of these coins actually belongs to Coinbase users. Arkham Intel's report indicates that Coinbase is the custodian for around 36 million Bitcoin addresses.

Beyond Bitcoin

Coinbase's asset management extends beyond Bitcoin, showcasing a well-rounded portfolio. The exchange has custody of about 1.68 million Ether, with an estimated value of nearly $2.69 billion. Additionally, they hold roughly 68.59 million Chainlink tokens, worth close to $471 million. Coinbase also has 222 million USD Coin, which is pegged at 1:1 with the U.S. dollar, as well as a significant 921,000 Binance Coin, valued at around $194 million.

What Lies Beneath

Arkham Intel's investigative report reveals more layers to the story. It indicates that Coinbase's most substantial cold wallet contains 10,000 BTC, equating to approximately $265.8 million. Furthermore, the analysis suggests that Coinbase could have additional, yet-to-be-identified Bitcoin holdings.

The Bigger Picture

Despite the Federal Open Market Committee's decision to keep interest rates unchanged, the Bitcoin market has shown remarkable resilience. As per the latest data, Bitcoin was trading at $26,599, with a 24-hour trading volume of $26.5 billion.

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