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Coinbase, the largest US-based cryptocurrency exchange, holds an astounding 1 million Bitcoins (BTC) in its reserves, according to a recent report from Arkham Intel, a prominent blockchain intelligence platform. Coinbase is now the biggest Bitcoin owner in the world, surpassing even Satoshi Nakamoto, the enigmatic creator of Bitcoin.
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
By utilizing its proprietary algorithm, Arkham Intel identified and labeled over 36 million Bitcoin deposit and holding addresses associated with this exchange. The analysis revealed that Coinbase’s Bitcoin reserves are valued at more than $25 billion, accounting for nearly 5% of the total Bitcoin supply.
Arkham Intel shared these intriguing findings on X (formerly Twitter) and speculated that Coinbase’s actual holdings could be even higher than what their identified addresses indicate, suggesting that there may be thousands of additional Bitcoins might not have been recorded yet.
Chinese reporter Colin Wu underlined this notion via his X account Wu Blockchain, confirming Coinbase’s impressive Bitcoin portfolio. While acknowledging that a considerable portion of these 1 million Bitcoins might belong to Coinbase’s clients, Wu didn’t discard the possibility of undisclosed hidden treasures.
Coinbase Holds A Variety Of Cryptocurrencies Beyond Bitcoin
In addition to Bitcoin, Arkham Intel also revealed that Coinbase holds significant amounts of other cryptocurrencies. These include Ethereum (ETH), Chainlink (LINK), USD Coin (USDC), and Binance Coin (BNB). According to the report, the exchange owns about 1.68 million ETH, valued at $2.69 billion; 68.59 million LINK, valued at $471 million; 222 million USDC, which is pegged 1:1 to the US dollar; and 921,000 BNB, valued at $194 million.
Source: Arkham Intel
The report emphasizes the exchange dominant position in the crypto space and its diverse portfolio of digital assets. Not only does the exchange hold the largest amount of Bitcoin, but it is also a major player in the decentralized finance (DeFi) sector. Coinbase has its own Layer-2 blockchain solution called Base.
Base has surpassed Solana in terms of total value locked (TVL) according to Defillama—a website that tracks TVL in various DeFi protocols—with $370 million locked compared to Solana’s $310 million. This achievement places Base among the top DeFi platforms in terms of TVL, ranking below Mixin, Polygon, Avalanche, Optimism, Arbitrum,BSC Tron, and Ethereum.
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