Top US crypto exchange Coinbase holds almost $25 billion worth of Bitcoin (BTC) in reserves, according to blockchain intelligence firm Arkham.
Arkham says those holdings make the exchange the largest Bitcoin entity it has tabulated.
According to Arkham, Coinbase holds nearly 5% of the BTC in existence, roughly the same amount as Satoshi Nakamoto, the asset’s pseudonymous creator.
The market intelligence firm says Coinbase holds more than 947,000 Bitcoin across 36 million BTC deposit and holding addresses. The exchange’s largest cold wallet contains approximately 10,000 BTC, according to Arkham.
The firm also notes Coinbase likely has thousands of additional Bitcoin that aren’t labeled yet.
Overall, the exchange holds over $28.904 billion worth of crypto in reserves, including $2.69 billion worth of Ethereum (ETH) and $520 million worth of the decentralized oracle network Chainlink (LINK).
Coinbase also holds $234.59 million of the stablecoin USDC.
The exchange and Circle co-created USDC in 2018 and jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium until last month.
In August, Coinbase Chief Executive Brian Armstrong and Circle CEO Jeremy Allaire said that Circle would bring all of USDC’s governance and operations responsibilities in-house. The CEOs also noted that Coinbase planned to purchase an equity stake in Circle.
Coinbase itself owns nearly $249 million worth of BTC, according to Bitcointreasuries.net. Coinb
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Author: Conor Devitt
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