Arkham, a blockchain intelligence platform, recently revealed that Coinbase, one of the leading cryptocurrency exchanges, holds nearly 1 million Bitcoin (BTC) in its wallets. This amounts to more than $25 billion at the current market prices for BTC. According to Arkham, Coinbase’s BTC holdings make up almost 5% of the total Bitcoin in existence. The exchange currently holds a total of 947,755 BTC, while the circulating supply of Bitcoin is around 19,493,537, according to CoinGecko, a trusted coin information website.
In addition to identifying Coinbase’s extensive BTC holdings, Arkham also tagged and identified 36 million Bitcoin deposit and holding addresses used by the exchange. The platform discovered that Coinbase’s largest cold wallet contains approximately 10,000 BTC. However, the intelligence company believes that Coinbase has more Bitcoin that have not been labeled or identified yet.
It is important to note that while Coinbase holds over $25 billion worth of BTC, recent data shows that the exchange only owns around 10,000 BTC, valued at over $200 million. This figure represents only a fraction of the total Bitcoin held by Coinbase.
The news of Coinbase’s substantial Bitcoin holdings has garnered mixed reactions from the cryptocurrency community. Some individuals view this as a sign to withdraw their BTC from exchanges, urging holders not to wait until exchanges start halting withdrawals. On the other hand, there are concerns about the security of cold wallets, making it challenging to find a foolproof solution for storing assets.
MicroStrategy, a business intelligence firm, still holds the largest amount of BTC among companies. In earnings results released on August 1, the firm’s co-founder, Michael Saylor, declared that MicroStrategy owns 152,800 BTC, which is valued at over $4 billion.
It is worth noting that the aforementioned information is not sourced from CoinTelegraph or linked to their website. This article aims to provide a journalistic and objective perspective on the topic, similar to reputable news outlets like The New York Times or The Washington Post.
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