While Coinbase boasts a staggering $25 billion in Bitcoin holdings, it actually possesses a comparatively modest $200 million worth of the cryptocurrency in its digital wallets.
Recent findings from blockchain intelligence platform Arkham have unveiled that Coinbase, the renowned crypto exchange, currently safeguards nearly one million Bitcoins within its virtual vaults. These holdings translate to an eye-popping valuation of over $25 billion, calculated at the prevailing market rates for Bitcoin.
According to Arkham’s comprehensive analysis, Coinbase’s Bitcoin holdings constitute a substantial 5% chunk of the entire Bitcoin ecosystem. The exact tally of Bitcoins under Coinbase’s stewardship stands at an impressive 947,755. For context, the total circulating supply of Bitcoin hovers around 19,493,537, as reported by the esteemed coin information website, CoinGecko.
What’s more, Arkham’s investigation has illuminated another facet of this colossal Bitcoin stash: the platform has successfully tagged and identified a staggering 36 million Bitcoin deposit and holding addresses affiliated with Coinbase. Astonishingly, Arkham’s researchers have ascertained that Coinbase’s largest cold wallet securely harbors a substantial 10,000 Bitcoins. Intriguingly, based on financial disclosures from the exchange, Arkham’s experts opine that there could be additional unmarked Bitcoin holdings within Coinbase’s digital treasury.
It’s a paradoxical situation; even though Coinbase lays claim to an excess of $25 billion in Bitcoin within its wallets, the exchange’s actual ownership of the cryptocurrency is considerably more modest, hovering around a mere 10,000 Bitcoins, equivalent to an approximate valuation of $200 million, based on the latest data.
Meanwhile, the news of Coinbase’s substantial Bitcoin reserves has stirred diverse reactions within the cryptocurrency community. Some members perceive it as a cautionary signal, prompting them to contemplate withdrawing their Bitcoin from centralized exchanges. They warn against procrastinating until exchanges potentially restrict withdrawals. On the flip side, others contend that given the legitimate concerns regarding the security of cold wallets, there’s no foolproof method for safeguarding their digital assets.
In the larger landscape of corporate Bitcoin ownership, business intelligence firm MicroStrategy continues to reign supreme. As of the latest financial results posted on August 1st, the co-founder of MicroStrategy, Michael Saylor, proudly asserted the company’s ownership of a whopping 152,800 Bitcoins, commanding a valuation exceeding $4 billion at the time of this composition.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.