Coinbase, the popular cryptocurrency exchange, currently safeguards an impressive $25 billion worth of BTC. In addition to this substantial sum, the business holds approximately $200 million of Bitcoin within its wallet holdings.
Arkham, a platform specializing in blockchain intelligence, recently made a significant discovery. It revealed that Coinbase, a prominent cryptocurrency exchange, holds an impressive wallet balance of almost 1 million Bitcoins. This remarkable amount translates to a staggering value of over $25 billion when considering the current market prices of BTC.
Based on Arkham’s research, it has been determined that Coinbase currently holds approximately 5% of the Bitcoin supply. The reported amount stands at 947,755 BTC, according to Arkham’s findings. In comparison, CoinGecko, a reputable coin information website, suggests that the current circulating supply of Bitcoin is roughly 19,493,537.
In addition to this, Arkham made an observation that proved successful in tagging and identifying a vast number of addresses associated with Bitcoin deposits and holdings linked to the exchange. Through their analysis, Arkham discovered that Coinbase’s largest cold wallet contains approximately 10,000 BTC. Furthermore, drawing from the exchange’s financial reports, the intelligence company speculates that there may exist additional unlabeled and unidentified Bitcoin holdings within Coinbase’s possession.
MicroStrategy Dominates Corporate Bitcoin Ownership With $4 Billion
Coinbase’s wallet currently holds over $25 billion in BTC. However, the exchange’s actual ownership is limited to around 10,000 Bitcoins, valued at approximately $200 million based on recent data.
Meanwhile, the revelation of the centralized exchange’s Bitcoin holdings sparked diverse reactions within the community. Some individuals perceive it as a signal to withdraw their BTC from discussions, urging fellow holders to exercise caution until exchanges potentially impose restrictions on withdrawals. Conversely, others contend that concerns regarding cold wallet security have given rise to uncertainty regarding the optimal approach for safeguarding their assets.
Regarding corporate Bitcoin ownership, the business intelligence firm MicroStrategy maintains the largest holdings. According to their recent earnings report released on Aug 1, MicroStrategy’s co-founder, Michael Saylor, stated that the company currently possesses 152,800 BTC, valued at over $4 billion.
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