The value of bitcoin was between $51,850 and $52,350 on Friday, February 16, 2024. Onchain insights from Arkham Intelligence revealed that the massive Nasdaq-listed cryptocurrency exchange, Coinbase, currently has over 1 million bitcoin. With today’s market pricing, the wealth acquired by the San Francisco-based company is estimated to be slightly more than $52 billion.
With an astounding 1 million Bitcoin in inventory, Coinbase outperforms competitors.
According to information obtained from Arkham, Coinbase Global currently holds more than a million bitcoins. This means that its inventory is roughly 1.003 million, or somewhat more than $52 billion at the current exchange rate. This enormous collection may perhaps rival, if not surpass, the riches of the infamous Satoshi Nakamoto. The company’s approach to this milestone was previously reported by Bitcoin.com News, which also noted that as of January 28, 2024, the exchange has 994,981 BTC available.
Reputed for having one of the highest trade volume volumes in the world, Coinbase is also the custodian of seven out of the ten recently launched exchange-traded funds (ETFs) for spot bitcoin in the United States, which includes the sizeable bitcoin holdings of Grayscale and Blackrock. The company’s bitcoin holdings are also spread around a number of BTC addresses. For instance, 5,343 BTC are stored in the Coinbase Prime wallet that Arkham discovered, which is probably used for spot trading on the exchange.
The San Francisco-based company’s bitcoin holdings vastly outweigh those of its competitors, notably Binance, which has a staggering stash of 647,042 BTC valued at $33.6 billion. With 248,597 BTC, Binance has the largest Bitcoin cold wallet, and Bitfinex’s cold wallet has the second-highest amount of Bitcoin owned by a single address, at 204,010 BTC. According to reports, Robinhood has about 131,066 Bitcoin, which is worth about $6.81 billion. None compare to Coinbase’s bitcoin reserves, with the exception of Binance.
With large bitcoin holdings in its custody, Coinbase bears a great deal of responsibility. The company’s responsibilities include protecting the large number of retail investors who entrust the platform with the most popular cryptocurrency, managing BTC for traders participating in its spot market, and guaranteeing the preservation of sizeable sums owned by institutional clients and BTC trusts. This obligation is crucial because malicious actors frequently target cryptocurrency exchanges and the users they serve. Being the keeper of an unrivaled bitcoin reserve, Coinbase must negotiate the challenges of cryptocurrency guardianship.
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