Coinbase holds 5% of all existing Bitcoin

25/09/2023

Coinbase, a cryptocurrency exchange, has been found to hold nearly 1 million Bitcoins, valued at over $25 billion. This represents about 5% of the total existing Bitcoin supply, which is approximately 19.5 million Bitcoins. Arkham, a blockchain intelligence platform, identified these holdings and also noted that Coinbase has numerous Bitcoin deposit addresses. Despite holding a substantial amount of Bitcoin, Coinbase directly owns only around 10,000 Bitcoins, equivalent to about $200 million.

The revelation about Coinbase's holdings has led to mixed reactions within the crypto community. Some are considering withdrawing their Bitcoin from exchanges due to concerns, while others question the security of cold wallets for storing assets.

In terms of corporate Bitcoin ownership, MicroStrategy remains the leader with 152,800 Bitcoins, valued at over $4 billion as of the latest report in August.

Resource: https://cointelegraph.com/news/coinbase-holds-5-percent-of-bitcoin-data