In a groundbreaking revelation, Arkham, a leading cryptocurrency analysis firm, has exposed Coinbase as the world’s largest known Bitcoin (BTC) holder, with an astounding 1 million BTC valued at over $25 billion. This discovery solidifies Coinbase’s prominence in the crypto world and provides insight into the exchange’s extensive portfolio of various cryptocurrencies.
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’s proprietary algorithm has been instrumental in uncovering Coinbase’s Bitcoin treasure trove. Arkham identified more than 36 million BTC deposit and holding addresses connected to Coinbase by tagging addresses used by various cryptocurrency platforms. Notably, the largest cold wallet identified alone contains approximately 10,000 BTC.
To put this into perspective, Coinbase now possesses nearly 5% of all existing Bitcoins, a remarkable feat that places it in league with the enigmatic Satoshi Nakamoto, the creator of Bitcoin.
However, Arkham suggests that Coinbase’s actual Bitcoin reserves may extend beyond the identified addresses, hinting at even more extraordinary holdings. This revelation is no surprise, given Coinbase’s stature as one of the world’s premier cryptocurrency exchanges.
Beyond Bitcoin: Coinbase’s Diverse Portfolio
While Coinbase’s Bitcoin holdings are staggering, their cryptocurrency portfolio extends far beyond the leading digital asset. Arkham’s investigation reveals an impressive array of holdings:
1. Ethereum (ETH): Coinbase holds 1,686,000 ETH, valued at an impressive $2.68 billion.
2. Chainlink (LINK): With holdings of 68,591,000 LINK, Coinbase boasts a significant stake worth $467.10 million.
3. USD Coin (USDC): Coinbase’s assets include 222,832,000 USDC, amounting to $222.83 million.
4. Binance Coin (BNB): The exchange possesses 921,875 BNB tokens, valued at $194.11 million.
5. The Graph (GRT): Coinbase holds a substantial 854,137,000 GRT tokens, valued at $74.62 million.
6. Uniswap (UNI): Coinbase’s UNI token holdings amount to 12,100,000, totalling $51.18 million.
7. 0x Protocol (ZRX): The exchange has 162,458,000 ZRX tokens in its portfolio, valued at $30.28 million.
This diverse crypto portfolio underscores Coinbase’s commitment to offering its global user base a wide range of digital assets.
Coinbase’s Role in the Crypto Ecosystem
Arkham’s findings provide a rare glimpse into the financial backbone of Coinbase, a company that has faced its fair share of challenges, including regulatory scrutiny. These discoveries are especially significant given that Coinbase is a publicly traded company, with its financials available for public scrutiny.
Brian Armstrong, CEO of Coinbase, previously shared that the company held about 2 million Bitcoins, valued at $39.9 billion as of September 30, 2022. This revelation addressed concerns about the exchange’s financial stability and emphasized transparency.
In addition to its crypto holdings, Coinbase’s Layer-2 (L2) blockchain solution, Base, has achieved notable success. Base recently surpassed Solana in terms of Total Value Locked (TVL), with a TVL of $370 million. This achievement highlights the growing influence of Coinbase’s L2 blockchain in the DeFi space.
However, it’s not all smooth sailing for Coinbase, as its stocks (COIN) have experienced a significant decline since facing a lawsuit filed by the US Securities and Exchange Commission (SEC) alongside Binance. The exchange’s stocks are currently trading at $71.78, down from their previous levels.
In conclusion, Arkham’s revelations about Coinbase’s crypto holdings shed light on the exchange’s dominant position in the cryptocurrency market. As Coinbase continues to navigate the evolving crypto landscape, its diverse portfolio and innovative solutions like Base position it as a critical player in the industry.
In this era of rapid cryptocurrency growth, Coinbase’s prominence as a leading exchange and Bitcoin holder showcases the transformative potential of blockchain technology and digital assets.
