Coinbase Holds Nearly 1 Million Bitcoin Worth $25 Billion: Arkham Intelligence
Discover the significant Bitcoin holdings of Coinbase, one of the largest cryptocurrency exchanges, valued at $25 billion. Learn about Coinbase's commitment to the industry and its challenges with the SEC.
Posted 10 months ago in Bitcoin
Blockchain analytical firm Arkham Intelligence has revealed that Coinbase, one of the largest cryptocurrency exchanges, holds nearly 1 million units of Bitcoin. This amounts to around 5% of all BTC in circulation, a value of approximately $25 billion. In a recent post, Arkham Intelligence labeled Coinbase as the 'largest Bitcoin entity in the world.'
According to the report, Coinbase holds 948,380 BTC, making it a significant holder of the cryptocurrency. These Bitcoin reserves primarily belong to the exchange's customers and are stored in multiple addresses. The largest holding, stored in a cold wallet, is estimated to contain around 10,000 BTC.
The massive Bitcoin holdings held by Coinbase come as no surprise, as CEO Brian Armstrong has previously highlighted the asset's influence in the market. The firm has also expressed its commitment to the industry by announcing plans to integrate support for Bitcoin Lightning.
It is important to note that these publicly disclosed Bitcoin holdings may not be the only ones owned by Coinbase. There may be additional wallets and undisclosed BTC holdings yet to be uncovered.
In addition to Bitcoin, Coinbase also holds significant amounts of other cryptocurrencies. This includes Ethereum, Chainlink, USDC stablecoin, and BNB Coin. The total value of all assets in Coinbase's holdings, including Bitcoin, exceeds $29 billion.
However, Coinbase has recently faced regulatory scrutiny from the Securities and Exchange Commission (SEC). The SEC has labeled certain altcoins, such as Solana, as unregistered securities in its lawsuit against the exchange. The regulatory agency has also accused Coinbase of violating federal securities law in its operations.
Despite these challenges, Coinbase has been a strong advocate for regulatory clarity within the cryptocurrency industry. The exchange has consistently highlighted the need for clear regulations in the United States and has actively participated in initiatives to address regulatory uncertainties in the region.
Overall, Coinbase's substantial Bitcoin holdings and its position as a leading cryptocurrency exchange further emphasize the growing adoption of cryptocurrencies, particularly in the United States.
Last updated 9/23/2023, 11:57:02 AM
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