- Arkham announced that it has identified approximately $25 billion worth of Bitcoin in the portfolio of cryptocurrency exchange Coinbase.
- BTC holdings are approximately 948,000, close to Satoshi Nakamoto’s 1 million BTC.
- Coinbase is therefore known as the world’s largest Bitcoin company, Arkham analysts said at X.
Blockchain intelligence firm Arkham reported that Coinbase holds approximately $25 billion worth of Bitcoin (BTC), making the cryptocurrency exchange the world’s largest holder of the flagship digital asset.
Arkham says Coinbase holds nearly 1 million BTC.
Arkham’s presentation On Friday, Coinbase identified nearly 1 million BTC on-chain for its holdings, making the US-based cryptocurrency giant “the world’s largest Bitcoin company in Arkham.” The holdings account for about 5% of all Bitcoin in existence, meaning that BTC on exchanges is roughly equivalent to the assets of Bitcoin founder Satoshi Nakamoto.
Arkham has now confirmed $25 billion worth of Coinbase Bitcoin holdings (~1M BTC) on its chain.
This makes Coinbase the world’s largest Bitcoin company in Arkham, holding nearly 5% of all BTC. This is comparable to Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
— Arkham (@ArkhamIntel) September 22, 2023
Coinbase also reportedly holds 36 million BTC deposit and holding addresses, one of which is a cold wallet holding 10,000 BTC. The intelligence platform pointed out that there could be millions of other untagged assets.
“Arkham has identified and tagged over 36 million BTC deposit and storage addresses used by Coinbase and has the largest cold wallet containing up to 10,000 BTC. According to the most recent financial information, Coinbase likely has thousands more BTC that has yet to be labeled.” Arkham posted on X.
In addition to Bitcoin, the Coinbase portfolio includes 1.68 million Ethereum (ETH), 68.6 million Chainlink (LINK), approximately 223 million USD Coin (USDC), and 921,000 BNB (BNB). As of September 22, these assets contribute to Coinbase’s cryptocurrency portfolio worth over $29 billion, according to Arkham data.
Arkham’s report comes as Coinbase further expands its services with regulatory approval in Spain. As CoinJournal highlighted earlier today, the company has secured registration with the Bank of Spain to provide services as a cryptocurrency exchange and cryptocurrency custody wallet provider.
Official entry into Spain adds to Coinbase’s regulatory milestones in Italy, Singapore, Netherlands, Brazil, and Canada. The exchange is also fighting for regulatory clarity in the United States.