According to information posted by Arkham Intelligence, Coinbase currently holds nearly 948,380 BTC, worth 25 billion USD (accounting for nearly 5% of total supply). This number is almost equal to the amount of BTC that founder Satoshi Nakamoto owns - 1.1 million BTC.
However, Satoshi's disappearance made Coinbase "the largest Bitcoin entity in the world". Therefore, the community needs to pay attention to the major changes of this exchange to make the right decisions before possible price fluctuations.
Notably, there are thousands of BTC owned by Coinbase that the Arkham platform has not yet identified.
Before Coinbase, Arkham "revealed" that Robinhood held the 3rd highest amount of BTC on the Bitcoin network and the 5th highest amount of ETH on the Ethereum network; Grayscale holds the 2nd highest BTC and 2nd highest ETH respectively.
Coinbase's large holdings of Bitcoin are not surprising, as CEO Brian Armstrong has recently repeatedly emphasized that BTC is the most influential Cryptoasset on the market. Additionally, the company also revealed its intention to integrate support for Bitcoin Lightning as further evidence of its commitment to the industry.
Notably, the exchange also revealed that these Bitcoin holdings primarily represent protected reserves on behalf of customers. Furthermore, they can be allocated to institutional customers as Coinbase offers many services like Coinbase Custody.
Not the financial giants, Coinbase is the real winner in the Bitcoin ETF race
In addition to Bitcoin, Coinbase also owns many other altcoins such as Ethereum, Chainlink, USDC, Solana and BNB Coin. The total amount of assets Coinbase currently holds is 29.19 billion USD.
Coinbase Bitcoin Reserve. Source: Arkham Intelligence
However, some altcoin holdings have attracted the attention of the Securities and Exchange Commission (SEC). In June 2023, this financial regulator just filed a lawsuit for violating securities laws, also accusing 15 Token of being unregistered securities.
Meanwhile, tensions between the SEC and Coinbase escalated as the exchange filed a request to dismiss the lawsuit, declaring its willingness to fight to the end .
VIC Crypto compiled
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