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Arkham, the blockchain analysis platform, has suggested that Coinbase is sitting on a similar amount of Bitcoin to its mysterious creator Satoshi Nakamoto, which amounts to around 5% of all Bitcoin.
Coinbase in fantastic position
Over the years Coinbase, ably led by its CEO Brian Armstrong, has added and added to its Bitcoin pile. Now, according to Arkham, the amount held by the leading cryptocurrency exchange makes it the biggest owner of Bitcoin, on a parallel with the holdings of Satoshi Nakamoto him/herself.
Nakamoto’s bitcoin wallet is completely untouched since the creator left the scene after launching the world’s first cryptocurrency that solved the double-spend problem.
Holding 5% of all Bitcoin in existence really is some feat for Coinbase, and puts it in pole position for a future where Bitcoin has the potential to become one of the foremost assets in the world, not least because it is outside of the fast depreciating fiat monetary system.
How much BTC has Coinbase actually got?
However, Arkham has not been able to fully investigate the complete scope of Coinbase wallets, and thus far it is obliged to resort to hypothesising that there are many more Coinbase wallets that are still unidentified.
Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC.
Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled. pic.twitter.com/WVdlTBWs8K
— Arkham (@ArkhamIntel) September 22, 2023
The crypto intelligence platform has identified Coinbase’s biggest cold wallet as holding about 10,000 bitcoins, and has “identified and tagged over 36 million BTC deposit and holding addresses used by Coinbase”.
Arkham then makes the assumption that “Coinbase likely has thousands more BTC not yet labelled.”
Coinbase is a large cryptocurrency exchange, and therefore it holds other crypto assets. ETHER is its second largest holding with $2,68 billion worth, $488 million in LINK, and $193 billion in BNB, the exchange token of its biggest competitor Binance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.