As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Coinbase identified as the largest Bitcoin holder

Coinbase identified as the largest Bitcoin holder

Publish Date: 25/09/2023
Video: Coinbase CEO: de-listing Bitcoin (BTC/USDT) from Coinbase & BitBoy Crypto sued by SEC

Coinbase CEO: de-listing Bitcoin (BTC/USDT) from Coinbase & BitBoy Crypto sued by SEC

According to recent data from analysis firm Arkham Intelligence, Coinbase is currently the world’s largest known Bitcoin holder. The exchange holds an amount that rivals Bitcoin founder Satoshi Nakamoto, who currently owns one million BTC.

The discovery was made possible through Arkham’s proprietary algorithm, which tags addresses used by crypto platforms and organizations. According to Arkham, Coinbase holds 947,755 BTC, the equivalent of more than $25 billion in assets.

On the other hand, crypto surveillance platform CoinGecko found that the size of currently circulating Bitcoin is about 19,493,875, meaning that Coinbase owns at least five percent of Bitcoin in existence.

“This makes Coinbase the largest Bitcoin entity in the world, with almost 5% of all BTC in existence,” Arkham wrote.

Additionally, Coinbase’s most substantial cold wallet holds approximately 10,000 BTC, which is worth about $265 million.

Most of the coins belong to Coinbase’s users, with the exchange hosting around 36 million deposits and holding addresses. Arkham also pointed out that the actual volume of Bitcoin hosted by Coinbase could still potentially be even higher, given the existence of unlabeled addresses associated with the exchange.

While Coinbase holds a fantastical number of BTC in its wallet, the exchange only owns around 10,000 of them, which is worth around $200 million. In terms of ownership by corporation, the business intelligence firm MicroStrategy is the largest holder with 152,800 Bitcoin valued at more than $4 billion, according to MicroStrategy co-founder Michael Saylor.

Response from crypto community

The revelation about Coinbase’s Bitcoin holdings led some community members to express their concerns regarding security risks associated with the centralized exchange, especially when it is currently under scrutiny for regulatory challenges.

In June, the SEC sued Coinbase for several alleged violations, which included selling unregistered securities. Following the SEC lawsuit, Coinbase also received show cause orders from 11 US states, requiring it to justify why it shouldn’t cease operations in those states.

Fearing events like the FTX collapse, several individuals cautioned that holders should withdraw their cryptocurrency and become self-custodians with cold wallets before they are prevented from doing so.

“There is even a slogan: ‘Not your keys, not your coins,’” said one Reddit user. “CEXs are not a place to hoard your coins; use the amazing features that crypto provides and become a self-custodian with your cold wallet.”

Portfolio beyond Bitcoin

Arkham’s proprietary algorithm also revealed Coinbase’s diverse crypto portfolio other than Bitcoin, including ETH, LINK, USDC, BNB and other tokens. All of the cryptocurrencies amounted to over $29 billion, according to data as of September 22.

Coinbase currently owns 1,686,000 Ethereum (ETH) worth $2.68 billion, 68,591,000 LINK valued at $467.10 million, 222,832,000 USD Coin (USDC) worth $222.83 million, 921,875 Binance Coin (BNB) valued at $194.11 million, 854,137,000 The Graph (GRT) tokens worth $74.62 million, 12,100,000 Uniswap (UNI) tokens worth $51.18 million and 162,458,000 0x Protocol (ZRX) tokens valued at $30.28 million.

Coinbase is expected to further add to its cryptocurrency reserves, with recently secured approval to operate in Spain in addition to Italy, Singapore, the Netherlands, Brazil and Canada.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site