The blockchain intelligence platform, Arkham, has recently revealed that the U.S.-based crypto exchange, Coinbase, holds $25 Billion worth of Bitcoin (BTC). On September 22, 2023, Arkham shared on X (formerly Twitter) about the update. It wrote, “$25 Billion of Coinbase BTC reserve is almost $1 Million BTC on chain.”
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence – about as much as Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
— Arkham (@ArkhamIntel) September 22, 2023
Current BTC Holdings of Coinbase
According to Arkham analysis, it has identified and tagged more than 36 Million BTC deposits and holding addresses used by Coinbase. On the other hand, their largest cold wallet contains nearly 10K BTC. Moreover, as per Coinbase’s most recent financials, it “likely has thousands more BTC not yet labeled.”
After the disclosure, Coinbase came to the forefront of the Bitcoin landscape. As “the largest Bitcoin entity in the world alongside the enigmatic Satoshi Nakamoto. The uncovered reserves amount to nearly 5% of the total Bitcoin supply.”
However, Arkham suggests that the crypto exchange’s actual Bitcoin reserves may extend beyond the identified addresses. As per Coinbase’s recent financial reports, it is highly likely that it has thousands more BTC that are yet to be tracked and labeled.
As shown in the above chart, the crypto exchange has nearly 1.69 Million ETH (Ethereum) valued at around $2.70 Billion. It also holds 69.06 Million LINK (Chainlink) tokens, estimated at $484 Million. The stablecoin USDC (USD Coin), pegged 1:1 to the US dollar, is also part of Coinbase’s portfolio, with holdings totaling to 236 Million USDC.
Base Surpassing Solana in TVL Rankings
Base, Coinbase’s Layer-2 (L2) blockchain, is emerging as a top contender by surpassing Solana in Total Value Locked (TVL) rankings. According to the latest statistics from DefiLlama, Base boasts a TVL of $370 Million, surpassing Solana’s $310 Million. This signifies an important milestone for Base, highlighting its growing prominence and influence in the industry.
However, Base’s TVL position is following blockchains such as Optimism, Avalanche, and Mixin. It has secured its place among the top protocols regarding TVL. This accomplishment highlights the growing prominence of Coinbase’s L2 blockchain within the Decentralized Finance (DeFi).
As per Dune Analytics since its L2 launch, Base has successfully bridged a total value of $426.81 Million. Of this, 54.4% or $232.19 Million comprises 143,467 ETH, showing strong support and adoption from the Ethereum community.
Lastly, the stock price of Coinbase (COIN) showed a bearish trend with over 15% price decline in 5 days. With a downside market trend, COIN closed at $70.96 with a nearly 4% price drop. Near the weekend, the stock ranges between the price range of $75.95 to $70.81. For the last 1 month, Coinbase stock has followed a bearish trend.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/23/coinbase-becomes-the-largest-bitcoin-entity-globally-on-arkham/