Coinbase Surpasses Strategy in Institutional Bitcoin Holdings: What About Satoshi?

The crypto community is in awe after blockchain analytics firm Arkham released a detailed report on Bitcoin’s rich list on Saturday, March 28.

While the report showcases the top Bitcoin holders across the globe, it has sparked discussions as the leading asset management firm Strategy does not even rank in the top three despite its aggressive Bitcoin accumulation.

Bitcoin creator Satoshi remains on top

Despite the heavy Bitcoin accumulation by institutions, Bitcoin’s mysterious creator Satoshi Nakamoto still sits on top of the list as Bitcoin’s largest holder worldwide.

According to the data showcased, the mysterious Bitcoin creator currently holds about 1.1 million BTC worth over $77 billion. Despite the dormancy of the creator, no Bitcoin holding wallet has been able to surpass this amount so far.

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While some commentators are impressed about Satoshi’s holdings, some have expressed belief that it is only a matter of time before an institutional holder flips the figure held by Satoshi.

Some believe that Satoshi’s holdings are not an attribute of real adoption as they have remained since 2010, mined during Bitcoin’s early days through about 22,000 blocks. Hence, a relentless accumulator like Strategy could outpace Satoshi in a few years to come.

Coinbase versus Strategy’s holdings

The data further revealed that the U.S.-based crypto exchange Coinbase has emerged on the second position on the list as it holds the largest amount of Bitcoin among institutions.

With about 982,000 BTC under Coinbase’s custody, the exchange has outpaced the world’s largest Bitcoin treasury Strategy, which holds a total of 738,000 BTC with only 443,000 BTC of the holdings available on-chain.

While Strategy is globally known for its years of aggressive Bitcoin accumulation, some commentators argue that the ranking is not entirely fair, noting that comparing Coinbase to Strategy directly can be misleading.

They noted that the Bitcoin held by Coinbase cannot pass as the firm’s direct holdings as the exchange operates as a custodial platform and the BTC they hold belongs to millions of users.

However, they further argued that this is not the case with Strategy as the firm’s Bitcoin holdings are corporate treasury assets solely held by the firm by means of steady Bitcoin purchases.