Blockchain intelligence platform Arcam recently identified that cryptocurrency exchange Coinbase holds approximately 1 million Bitcoins (BTC) in its wallet. These coins are worth over $25 billion at the current market price of BTC.
According to Arkham, the exchange’s holdings amount to nearly 5% of all Bitcoin in existence. Mr. Arkham said about Coinbase, hold Total 947,755BTC. Currently, the circulating supply of Bitcoin is approximately 19,493,537 coins. according to Go to the coin information site CoinGecko.
Arcam has now identified $25 billion of Coinbase Bitcoin reserves (approximately 1 million BTC) on-chain.
This makes Coinbase the world’s largest Bitcoin entity on Arcam, with nearly 5% of all BTC (roughly the same amount as Satoshi Nakamoto). pic.twitter.com/7sDOczS7WT
— Arkham (@ArkhamIntel) September 22, 2023
Additionally, Arcam also noted that it has tagged and identified 36 million Bitcoin deposit and holding addresses used on the exchange. According to Arkham, Coinbase’s largest cold wallet stores approximately 10,000 BTC. Based on the exchange’s financial reports, the intelligence firm believes there are more Bitcoins on Coinbase that have not yet been labeled and could not be identified.
Coinbase has over $25 billion of BTC in its wallets, but the exchange only owns about 10,000 of the total Bitcoins it holds. This is worth about $200 million. according to to recent data.
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Meanwhile, community members expressed mixed reactions to the news regarding the amount of Bitcoin held by centralized exchanges.Some believe it is a sign of to withdraw BTC from exchanges, caveat Holders should not wait until the exchange starts suspending withdrawals.others To tell There are legitimate concerns about cold wallets, meaning there is no good way to store your assets.
When it comes to corporate ownership of Bitcoin, business intelligence company MicroStrategy still owns the most BTC. In its financial results posted on August 1st, the company’s co-founder Michael Saylor declared that the company owned 152,800 BTC, worth more than $4 billion at the time of writing.
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