Top US crypto exchange Coinbase holds almost $25 billion worth of Bitcoin (BTC) in reserves, according to blockchain intelligence firm Arkham.
Arkham says those holdings make the exchange the largest Bitcoin entity it has tabulated.
According to Arkham, Coinbase holds nearly 5% of the BTC in existence, roughly the same amount as Satoshi Nakamoto, the asset’s pseudonymous creator.
The market intelligence firm says Coinbase holds more than 947,000 Bitcoin across 36 million BTC deposit and holding addresses. The exchange’s largest cold wallet contains approximately 10,000 BTC, according to Arkham.
The firm also notes Coinbase likely has thousands of additional Bitcoin that aren’t labeled yet.
Overall, the exchange holds over $28.904 billion worth of crypto in reserves, including $2.69 billion worth of Ethereum (ETH) and $520 million worth of the decentralized oracle network Chainlink (LINK).
Coinbase also holds $234.59 million of the stablecoin USDC.
The exchange and Circle co-created USDC in 2018 and jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium until last month.
In August, Coinbase Chief Executive Brian Armstrong and Circle CEO Jeremy Allaire said that Circle would bring all of USDC’s governance and operations responsibilities in-house. The CEOs also noted that Coinbase planned to purchase an equity stake in Circle.
Coinbase itself owns nearly $249 million worth of BTC, according to Bitcointreasuries.net. Coinbase is the fourth-largest Bitcoin treasury in the world after MicroStrategy, Marathon Digital Holdings and Tesla, respectively.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Giant Coinbase Holds Nearly $25,000,000,000 in Bitcoin (BTC) Reserves, Says Analytics Firm Arkham appeared first on The Daily Hodl.