Sep 24, 2023

How Coinbase Holds 5% of All Bitcoin in Existence

Coinbase holds 5% of all Bitcoin in existence: Data. Check out the latest crypto news on shib, terra, jupiter, grt, live, sol, todays, the graph, sandbox, and tron crypto.
Coinbase holds 5% of all Bitcoin in existence: Data

Crypto Exchange Coinbase Holds a Significant Amount of Bitcoin

Blockchain intelligence platform Arkham recently revealed that crypto exchange Coinbase holds a substantial amount of Bitcoin (BTC), with the coins being worth more than $25 billion at current market prices for BTC. According to Arkham, the exchange’s holdings amount to nearly 5% of all existing Bitcoin, with a total of 947,755 BTC. CoinGecko reported that Bitcoin’s circulating supply is around 19,493,537.

In addition, Arkham identified 36 million Bitcoin deposit and holding addresses used by Coinbase. The largest cold wallet of the exchange holds around 10,000 BTC, which is worth roughly $200 million, according to recent data. Arkham believes that Coinbase has even more Bitcoin that are not yet labeled and could not be identified.

The findings from Arkham show that Coinbase holds a significant amount of Bitcoin, with over $25 billion worth of BTC in its wallets. Meanwhile, the exchange only owns around 10,000 of all the Bitcoin it holds, which is worth approximately $200 million.

Meanwhile, community members expressed varying reactions to the news about the amount of Bitcoin the centralized exchange holds. Some believe it’s a sign to withdraw their BTC from exchanges, warning Shib Crypto and Terra Crypto holders not to wait until exchanges start to halt withdrawals. Others say that since there are legitimate concerns over cold wallets, there’s no good way to store their Jupiter Crypto, GRT Crypto, Live Crypto, Sol Crypto, Today’s Crypto, The Graph Crypto, Sandbox Crypto, and Tron Crypto assets.

When it comes to Bitcoin ownership by companies, business intelligence firm MicroStrategy still owns the most BTC. In earnings results posted on Aug. 1, the firm’s co-founder Michael Saylor declared that the company owns 152,800 BTC, worth over $4 billion at the time of writing.

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