Data from blockchain intelligence platform Arkham has revealed that cryptocurrency exchange Coinbase possesses nearly 1 million Bitcoins, valued at over $25 billion at current market rates. This impressive amount constitutes nearly 5% of the total Bitcoin supply currently in existence.
The Scale of Coinbase’s Bitcoin Reserves
Arkham’s findings indicate that Coinbase’s Bitcoin holdings stand at 947,755 BTC. Considering Bitcoin’s circulating supply of approximately 19,493,537, as reported by CoinGecko, Coinbase’s significant reserve showcases its substantial influence in the crypto space.
While Coinbase’s wallets contain over $25 billion worth of Bitcoin, the exchange’s actual ownership of this cryptocurrency is relatively modest, at approximately 10,000 BTC, valued at around $200 million, as per recent data. This revelation highlights the unique dynamics of exchange-held assets.
Community Responses and Considerations
The news of Coinbase’s substantial Bitcoin holdings has sparked diverse reactions within the crypto community. Some individuals view it as a signal to withdraw their BTC from centralized exchanges, emphasizing the importance of self-custody to avoid potential withdrawal limitations. Others, however, express concerns about securing assets in cold wallets, leaving them pondering the ideal storage solution.
MicroStrategy Leads Corporate Bitcoin Ownership
When it comes to corporate Bitcoin ownership, MicroStrategy, a business intelligence firm, retains the top position. With holdings of 152,800 BTC, worth over $4 billion at the time of the latest reporting in August, MicroStrategy maintains a strong presence in the crypto asset landscape.