{"id":64768,"date":"2023-09-24T05:48:52","date_gmt":"2023-09-24T09:48:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/this-exchange-holds-5-of-all-bitcoin-ever-made\/"},"modified":"2023-09-24T05:48:56","modified_gmt":"2023-09-24T09:48:56","slug":"this-exchange-holds-5-of-all-bitcoin-ever-made","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=64768","title":{"rendered":"This Exchange Holds 5% of All Bitcoin Ever Made"},"content":{"rendered":"
\n

Coinbase\u00a0<\/strong>holds nearly 1 million\u00a0Bitcoin (BTC)\u00a0in its wallets, accounting for approximately 5% of the total existing BTC supply.\u00a0<\/p>\n

Blockchain intelligence platform Arkham has identified Coinbase as the largest Bitcoin entity in the world, holding a total of 947,755 BTC (worth over $25 billion).<\/p>\n

“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,” the platform said in a recent tweet.\u00a0<\/p>\n

<\/oembed><\/figure>\n

Additionally, Arkham has identified and tagged 36 million Bitcoin deposit and holding addresses associated with Coinbase.\u00a0<\/p>\n

The largest cold wallet held by the exchange is reported to contain around 10,000 BTC.\u00a0<\/p>\n

However, Arkham suggested that Coinbase may possess additional Bitcoin that has not been labeled or identified, based on the exchange’s financial reports.<\/p>\n

Although Arkham claims Coinbase holds over $25 billion worth of BTC,\u00a0data by CoinGecko\u00a0shows the exchange actually owns only around 10,000 Bitcoin, equivalent to approximately $200 million.<\/p>\n

Coinbase’s BTC Holdings Spark Mixed Reactions<\/h2>\n

The revelation about Coinbase’s substantial Bitcoin holdings has sparked mixed reactions within the crypto community.\u00a0<\/p>\n

Some individuals view it as a signal to withdraw their Bitcoin from centralized exchanges, cautioning against waiting until exchanges potentially halt withdrawals.\u00a0<\/p>\n

“CEXs are not a place to HODL your coins, use the amazing feature that crypto provides and become a self custodian with your cold wallet,” one Reddit user\u00a0said.\u00a0<\/p>\n

In terms of Bitcoin ownership by companies, business intelligence firm\u00a0MicroStrategy\u00a0<\/strong>maintains its position as the largest holder.\u00a0<\/p>\n

In August, the company’s co-founder, Michael Saylor, announced that MicroStrategy owns 152,800 BTC, valued at over $4 billion at the time of writing.<\/p>\n

Coinbase’s significant Bitcoin holdings demonstrate its leading position within the cryptocurrency industry despite growing regulatory scrutiny.\u00a0<\/p>\n

Back in June, the\u00a0SEC sued Coinbase\u00a0for selling unregistered securities and a number of other alleged wrongdoings.\u00a0<\/p>\n

The commission also accused the exchange of illegally running a range of financial services, including trading securities and failing to register as a securities exchange.<\/p>\n

Following the SEC lawsuit, the largest US-based cryptocurrency exchange also\u00a0received Show Cause orders\u00a0from 11 US states, which requires Coinbase to justify why it shouldn’t cease operations in the states.\u00a0<\/p>\n

Meanwhile, despite the regulatory scrutiny, Coinbase has beat second-quarter revenue expectations on higher interest income.<\/p>\n

The exchange’s stock has also seen a blistering rally this year, gaining 156% amid renewed retail interest and sector-wide tech rebound.<\/p>\n

It is worth noting that Coinbase-backed\u00a0Base\u00a0<\/strong>blockchain has also been making headlines as of late.\u00a0<\/p>\n

As\u00a0reported, Base has surpassed\u00a0Solana (SOL)\u00a0in terms of total value locked (TVL).<\/p>\n

Base’s TVL has reached an impressive $397.32 million since its launch in August, outpacing Solana’s TVL of $358.96 million.<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n