When the total value of these tokens is calculated with respect to the ongoing market prices, these tokens are worth more than $25 billion. According to Arkham, Coinbase’s holdings account for approximately 5% of all existing Bitcoin tokens. The blockchain intelligence platform also highlighted how Coinbase holds a total of 947,755 BTC out of a total circulating supply of almost 19,493,537.
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
Arkham continued to highlight that it managed to tag and identify 36 million Bitcoin deposits and holding addresses utilized by Coinbase. The findings of the blockchain analytics firm revealed that the largest cold wallet of Coinbase holds a staggering amount of 10,000 Bitcoin tokens.
As per the financial reports of the cryptocurrency exchange, Arkham deduced that the platform might have additional Bitcoin tokens that are not yet labeled and could not be identified. Despite Coinbase holding more than $25 billion worth of BTC tokens in its wallets, the exchange only owns around 10,000 of all the bitcoin it holds.
These tokens account for almost $200 million when calculated at the ongoing market prices. At the time of writing, Bitcoin has plunged by 1.50% within the previous 24 hours, therefore pushing the trading price down to $26,171. Similarly, the total market cap of the token currently stands at the $509 billion mark.
The Crypto Community Reacts to Coinbase’s BTC Holdings
The crypto community was quick to share its take on the news about Coinbase’s holdings of the BTC tokens. Some people believe that this is probably the best time to withdraw their BTC tokens from other exchanges, and also warned holders not to wait until the exchanges start halting withdrawals. Others believe that considering how there is a legitimate concern over cold wallets, there might just not be a good way to store their assets.
When it comes to Bitcoin ownership by companies, the business intelligence firm MicroStrategy is still deemed to hold the highest number of BTC tokens. In the earnings posted in early August, the co-founder of the firm, Michael Saylor, highlighted that the company owns approximately 152,800 BTC, which accounts for more than $4 billion as of now.