BitcoinCrypto news

Coinbase controls 5% of total Bitcoin supply: Data

Blockchain intelligence platform Arkham has revealed that crypto exchange Coinbase holds nearly 1 million Bitcoin in its wallets.

The total value of these coins surpasses $25 billion based on current market prices for BTC.

This significant holding represents approximately 5% of the total existing Bitcoin supply.

Arkham’s findings indicate that Coinbase’s BTC holdings amount to 947,755, while the circulating supply of Bitcoin is estimated to be around 19,493,537, as reported by CoinGecko.

Furthermore, Arkham successfully identified and labeled 36 million Bitcoin deposit and holding addresses associated with Coinbase.

It is worth noting that the exchange reportedly holds approximately 10,000 BTC in its largest cold wallet.

However, Arkham highlights that there are potentially more Bitcoin holdings by Coinbase that remain unlabeled and unidentified, based on the exchange’s financial reports.

This suggests that Coinbase’s total Bitcoin holdings may extend beyond the currently known figures.

Coinbase’s Bitcoin Holdings Spark Mixed Reactions; MicroStrategy Leads Corporate Ownership

Coinbase's Bitcoin Holdings Spark Mixed Reactions

Recent data reveals that while Coinbase holds over $25 billion worth of Bitcoin (BTC) in its wallets, the exchange itself only owns approximately 10,000 BTC, with a value of around $200 million.

This indicates that the majority of the Bitcoin held by Coinbase belongs to its users and customers.

The disclosure of Coinbase’s Bitcoin holdings has sparked mixed reactions within the crypto community.

Some individuals have expressed concerns and believe it is a signal to withdraw their BTC from centralized exchanges, cautioning against waiting until exchanges potentially halt withdrawals.

On the other hand, there are those who argue that storing assets in cold wallets presents its own set of challenges and uncertainties.

In terms of Bitcoin ownership among companies, business intelligence firm MicroStrategy remains at the forefront.

MicroStrategy’s co-founder Michael Saylor announced in the company’s August 1 earnings report that they hold 152,800 BTC, which currently has a value of over $4 billion.

This solidifies MicroStrategy’s position as the company with the largest Bitcoin holdings in the corporate sector.

Related Articles

Back to top button
WP Twitter Auto Publish Powered By : XYZScripts.com