Cryptocurrency exchange Coinbase has emerged as a major player in the Bitcoin arena, holding a staggering 5% of all Bitcoin currently in existence.
Coinbase’s Bitcoin Cache
Arkham, a renowned blockchain intelligence platform, has conducted an extensive analysis. It uncovered that Coinbase houses nearly 1 million Bitcoin within its secure wallets. These digital assets, valued at an astonishing $25 billion according to current market prices. This further signifies the exchange’s significant influence in the crypto sphere.
To put this into perspective, Arkham’s research reveals that Coinbase’s Bitcoin holdings amount to a whopping 947,755 BTC. Considering that Bitcoin’s circulating supply hovers around 19,493,537, as reported by the coin information website CoinGecko, Coinbase’s holdings represent a substantial chunk of the cryptocurrency market.
Unmasking the Addresses
Arkham’s investigation goes even deeper, as they managed to tag and identify a staggering 36 million Bitcoin deposit and holding addresses affiliated with Coinbase. Notably, the exchange’s largest cold wallet safeguards approximately 10,000 BTC. However, Arkham suspects that there are more undisclosed Bitcoin holdings within Coinbase’s vaults that have yet to be categorized or identified.
It’s essential to note that while Coinbase boasts a monumental $25 billion in BTC within its wallets, the exchange’s actual ownership stands at approximately 10,000 BTC. This is equivalent to around $200 million, based on recent data.
Community Reactions and Concerns
This revelation has ignited a diverse range of reactions within the cryptocurrency community. Some enthusiasts view it as a stark reminder to withdraw their BTC from centralized exchanges. Further cautioning against waiting until withdrawal restrictions are imposed. On the other hand, concerns about the safety of cold wallets have left others uncertain about the ideal storage solution for their digital assets.
MicroStrategy’s Dominance
When it comes to corporate Bitcoin ownership, it’s worth noting that business intelligence firm MicroStrategy continues to lead the pack. In a recent earnings report, the firm’s co-founder, Michael Saylor, proudly announced their ownership of an impressive 152,800 BTC. This was valued at over $4 billion at the time of reporting.
Read More:
Vitalik Buterin Continues Ethereum Transactions Amidst Price Decline
Prison Raid in Venezuela Uncovers Bitcoin Mining Machines and Rocket Launchers