Crypto Giant Coinbase Holds Nearly $25,000,000,000 in Bitcoin (BTC) Reserves, Says Analytics Firm Arkham

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.

Comments

Post a Comment

Popular posts from this blog

CleanSpark’s Bitcoin mining capacity hits 8 EH/s as new facility goes live

Image
The Bitcoin mining company kicked off the second phase of its mining campus in Georgia, gearing up for the next Bitcoin halving. Bitcoin miner CleanSpark has begun the second phase of operations at its mining campus in Washington, a city in the U.S. state of Georgia, reaching 8.0 exahashes per second (EH/s), halfway to its year-end target of 16 EH/s.  The second phase saw an investment of nearly $55 million in the site, including construction, infrastructure and machines. The facility , bought in August 2022 for $25.1 million, had 15,000 mining machines with a power capacity of 50 megawatts (MW). According to the company, the capital deployed expands its total power capacity to 86 MW. “Today, it’s 50 megawatts of new power added on to the 36 megawatts we previously had constructed there. So, there’s 86 megawatts, or 12 times the load provided by the city," said Matthew Schultz, CleanSpark’s executive chairman, during an investors' conference on July 13. According to Schu...
Read more

Tether bitcoin mine branded 'fake' after X users spot edited logos

Image
A recent tweet from Tether CTO Paolo Ardoino in which he claims work on one of the company’s new sustainable bitcoin mining projects is “coming along well” has given rise to a curious new conspiracy theory. The tweet featured what at first glance looked to be an innocuous image of a number of shipping containers that had apparently been converted hold crypto miners. However, it didn’t take eagle-eyed viewers long to spot that something wasn’t quite right — namely that the Tether logos on the side of the containers looked Photoshopped. This led to speculation that not only were the logos fake, but the site itself was a fabrication . One of #Tether energy production and #Bitcoin mining sites coming along well. pic.twitter.com/6Z8o6A5OaE — Paolo Ardoino (@paoloardoino) August 24, 2023 “Is this a real Mining site owned by Tether ? Tether ’s logo looks poorly photoshopped, there. What’s going on?” wrote one, while another said, “lol you really trying to pass that off as...
Read more

Is Solana a Good Investment?

Image
Is Solana a Good Investment in the Crypto Market? ‍With the increasing popularity of cryptocurrencies, investors are constantly seeking opportunities to maximize their returns. Solana (SOL) has emerged as one of the most promising projects in the crypto market, known for its scalability, speed, and low transaction fees. In this article, we will conduct a comprehensive analysis to determine whether Solana is a good investment option for both short-term and long-term investors. Also read: Bitcoin: South Korean Lender Delio Plans To Sue Authorities Understanding Solana and its Potential Solana is a blockchain platform that aims to provide a fast and efficient infrastructure for decentralized applications (dApps) and digital assets. It differentiates itself through its unique consensus mechanism, Proof of History (PoH), which enables the network to process thousands of transactions per second. With its high throughput and low fees, Solana has gained significant attention ...
Read more