Cryptocurrency analysis firm Arkham disclosed that it has identified the Bitcoin reserve wallets of Coinbase, one of the world’s leading cryptocurrency exchanges. According to Arkham, Coinbase owns approximately 1 million BTC, valued at over $25 billion. This makes Coinbase the world’s largest known Bitcoin holder.
The discovery was made possible through Arkham’s proprietary algorithm, which tags addresses used by various cryptocurrency platforms and organizations.
Arkham’s algorithm has tagged more than 36 million BTC deposit and holding addresses used by Coinbase. Additionally, the largest cold wallet identified holds approximately 10,000 BTC.
Coinbase’s diverse portfolio beyond Bitcoin
Besides Bitcoin, Arkham’s analysis also sheds light on Coinbase’s other cryptocurrency assets. The exchange holds 1,686,000 ETH, worth $2.68 billion, and 68,591,000 LINK, valued at $467.10 million.
Moreover, Coinbase’s assets include 222,832,000 USD Coin (USDC), worth $222.83 million, and 921,875 Binance Coin (BNB), valued at $194.11 million. The list continues with 854,137,000 The Graph (GRT) tokens, worth $74.62 million, 12,100,000 Uniswap (UNI) tokens, worth $51.18 million, and 162,458,000 0x Protocol (ZRX) tokens, valued at $30.28 million.
The revelation of Coinbase’s extensive cryptocurrency holdings comes when the exchange has been under scrutiny for various reasons, including regulatory challenges.
Arkham’s findings offer a rare glimpse into the financial backbone of one of the world’s most prominent cryptocurrency exchanges. Based on their most recent financials, the analysis firm stated that Coinbase likely has thousands more BTC yet to be labeled.
Late last year, Brian Armstrong, CEO of Coinbase, revealed on Twitter that the company holds about 2 million Bitcoin, valued at $39.9 billion as of September 30, 2022. Armstrong’s announcement aimed to dispel “fear, uncertainty, and doubt” about the company’s financial stability. Armstrong emphasized that Coinbase’s financials are publicly available, as it is a publicly traded company. He also shared the firm’s shareholder letter, consolidating a list of Coinbase’s assets.
