Coinbase's Multi-Billion Crypto Portfolio Will Leave You Shocked! Here's A Detailed Look

Blockchain analytics firm Arkham has uncovered astonishing details about Coinbase’s cryptocurrency holdings. The revelations not only shed light on the immense Bitcoin holdings of over one million BTC valued at more than $25 billion but also highlight Coinbase’s extensive portfolio across various cryptocurrencies.

Let’s dig into the findings!

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

The Numbers Game

With a treasure trove of 36 million BTC deposits and holding addresses and a cold wallet containing roughly 10,000 BTC, Coinbase’s impact on the cryptocurrency market is monumental. This places the exchange in possession of nearly 5% of all existing Bitcoins, aligning it closely with the creator of Bitcoin, Satoshi Nakamoto.

Also Read: Crypto Voters Could Decide the 2024 Election, Coinbase Data Shows

Diversifying is Key!

Arkham’s investigation dives deeper into the vault, revealing the exchange’s impressive array of assets. Holding 1,686,000 ETH valued at $2.68 billion, 68,591,000 LINK worth $467.10 million, and several other cryptocurrencies.

Here’s a look:

222,832,000 USD Coin (USDC), worth $222.83 million
921,875 Binance Coin (BNB), valued at $194.11 million
854,137,000 The Graph (GRT) tokens, worth $74.62 million
12,100,000 Uniswap (UNI) tokens worth $51.18 million
162,458,000 0x Protocol (ZRX) tokens, valued at $30.28 million

The Blackrock Connection

While the crypto community was abuzz with Coinbase’s towering presence, a tweet joked that asset management giant BlackRock would be keen to wrest this milestone from Coinbase.

That’s very impressive of coinbase, I’m sure blackrock will try and claim this milestone from them
— YinYang Algorithms (@YinYangAlgo) September 22, 2023

But the twist in the tale? Coinbase is already a custodian for BlackRock, a partnership both companies announced months ago. Now, you can have a bigger picture of the power dynamics within the crypto space.

It’s worth noting that Coinbase is currently facing a lawsuit from the US SEC for alleged violations of custody rules and other charges. Should the SEC approve BlackRock’s ETF filing, it could lead to a swift resolution of the ongoing lawsuit.

Also Read: Is BlackRock Secretly Influencing Bitcoin Price? Here’s the Truth.

Source: https://coinpedia.org/news/arkham-claims-that-coinbase-owns-approximately-1-million-bitcoins-worth-over-25-billion/