Arkham announced it identified nearly $25 billion in Bitcoin in crypto exchange Coinbase’s portfolio. The BTC holdings are approximately 948,000, closer to the 1 million BTC of Satoshi Nakamoto. Coinbase is thus the world’s largest known Bitcoin entity, Arkham analysts said on X.
Blockchain intelligence firm Arkham has reported that Coinbase holds Bitcoin (BTC) worth about $25 billion, making the cryptocurrency exchange the world’s largest entity holding the flagship digital asset.
Arkham says Coinbase holds nearly 1 million BTC
Arkham’s announcement on Friday was that it had identified nearly 1 million BTC on-chain for Coinbase reserves, with this making the US-based crypto behemoth “the largest Bitcoin entity in the world on Arkham.” The holdings account for about 5% of all bitcoin in existence and means the exchange’s BTC is nearly as much as that attributed to Bitcoin creator Satoshi Nakamoto.
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
Coinbase is also reportedly home to 36 million deposit and holding addresses for BTC, one of which is a cold wallet with 10,000 BTC. There could be millions of other untagged assets, the intelligence platform noted.
“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,” Arkham posted on X.
Other than Bitcoin, the Coinbase portfolio also has 1.68 million Ethereum (ETH), 68.6 million Chainlink (LINK), nearly 223 million USD Coin (USDC) and 921,000 BNB (BNB). These assets contribute to Coinbase’s crypto portfolio of over $29 billion, according to data on Arkham as of September 22.
Arkham’s report comes as Coinbase expanded its services further with a regulatory approval in Spain. As CoinJournal highlighted earlier today, the company has secured registration with the Bank of Spain to offer services as a crypto exchange and crypto custody wallet provider.
Official entry into Spain adds to Coinbase’s regulatory milestones in Italy, Singapore, the Netherlands, Brazil and Canada. The exchange is also battling for regulatory clarity in the US.
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