Arkham Exposes Coinbase’s $25B Bitcoin Holdings, Signifying 5% Control of BTC Supply

By 0xK2 09/23/23 4:58 AM

Arkham, the on-chain data platform, has disclosed that it has successfully identified the cluster of Bitcoin wallet addresses belonging to the renowned cryptocurrency exchange, Coinbase. The data firm’s findings indicate that Coinbase currently holds approximately $25 billion worth of Bitcoin, equivalent to around 1 million BTC, making it the single largest Bitcoin entity on the Arkham platform. This astounding discovery means that Coinbase now controls nearly 5% of the total Bitcoin supply, a figure comparable to the elusive Satoshi Nakamoto’s holdings.

Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC.

Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled. pic.twitter.com/WVdlTBWs8K

— Arkham (@ArkhamIntel) September 22, 2023

Arkham’s meticulous data analysis has identified and tagged over 36 million Bitcoin deposit and holding addresses linked to Coinbase, with their largest cold wallet containing approximately 10,000 BTC. This suggests that Coinbase may possess thousands of additional BTC assets that remain undisclosed, awaiting further exploration by the platform.

Satoshi Nakamoto, the mysterious founder of Bitcoin, was previously known to hold the largest independent Bitcoin wallet, with a reported 1.1 million BTC. However, Nakamoto’s prolonged absence and the decentralized nature of the Bitcoin network have significantly diminished concerns regarding the size of their holdings. The Bitcoin community has transitioned towards a more decentralized ecosystem, reducing the significance of any one individual’s holdings.

Furthermore, Arkham’s data analysis indicates that, based on recent financial reports, Coinbase likely holds a substantial number of BTC assets that have yet to be identified. This suggests that the exchange’s Bitcoin reserves may be even larger than initially estimated.

With nearly 5% of the world’s total Bitcoin supply, Coinbase has firmly established itself as the leading Bitcoin holder globally on the Arkham platform. As a result, the cryptocurrency community should pay close attention to the exchange’s actions and strategies, as they have the potential to influence significant price fluctuations in the cryptocurrency market.

Prior to identifying Coinbase’s massive Bitcoin reserves, Arkham had previously uncovered similar revelations about other prominent entities in the crypto space. Notably, they revealed that Robinhood ranked as the third-largest holder of Bitcoin on the Bitcoin network, and Ethereum’s high-ranking cryptocurrency exchange, Grayscale, held the second-largest amount of Bitcoin and Ethereum, respectively.

In summary, Arkham’s data platform has made a significant breakthrough by identifying Coinbase as the largest Bitcoin holder globally within their system. With approximately 5% of all Bitcoins in existence under their control, Coinbase’s actions and holdings will undoubtedly continue to be a focal point for the cryptocurrency community as they navigate the ever-evolving world of digital assets.

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