On Friday, February 16, 2024, the value of bitcoin stayed around $51,850 to $52,350. Insights from Arkham Intelligence, a data analysis company, showed that Coinbase, a big crypto exchange listed on Nasdaq.
Now owns more than 1 million bitcoins. At current prices, this stash held by the company from San Francisco is worth over $52 billion.
Coinbase Holds Over 1 Million Bitcoins
Impressive Holdings: Coinbase Global now boasts a staggering holding of over 1 million bitcoins, according to data from Arkham Intelligence. This substantial inventory, totaling approximately 1.003 million bitcoins, is valued at slightly over $52 billion based on current exchange rates. This places Coinbase’s bitcoin stash among the largest in the world, rivaled perhaps only by the rumored holdings of bitcoin’s creator, Satoshi Nakamoto.
Prominent Role in the Crypto Market: Recognized as one of the top global exchanges in terms of trade volume, Coinbase also serves as the custodian for seven out of the ten newly introduced spot bitcoin exchange-traded funds (ETFs) in the United States. These include significant bitcoin reserves held by entities like Grayscale and Blackrock. Coinbase’s bitcoin assets are spread across various BTC addresses, including the Coinbase Prime wallet, which Arkham identified as containing 5,343 BTC, likely used for spot trading activities.
Surpassing Rivals: Coinbase’s bitcoin reserves significantly surpass those of its competitors. While Binance holds a formidable cache of 647,042 BTC worth $33.6 billion, Coinbase’s reserves outshine them all. Notably, Binance leads in terms of the largest BTC cold wallet, holding 248,597 BTC, while Bitfinex holds the second-largest amount in a single address with 204,010 BTC. Robinhood, on the other hand, possesses approximately 131,066 BTC valued at around $6.81 billion.
Heavy Responsibility: With such vast bitcoin reserves, Coinbase shoulders a considerable responsibility. The company must safeguard the assets of retail investors, secure BTC for traders active in its spot market, and ensure the protection of substantial amounts held by institutional clients and BTC trusts. This responsibility is crucial, given that crypto exchanges and their clients are frequent targets for malicious actors. As the custodian of an unparalleled bitcoin reserve, Coinbase navigates the complexities of crypto stewardship with careful consideration.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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