Coinbase, a Nasdaq-listed crypto exchange, now holds more than 1 million bitcoins, worth $52 billion, making it the largest bitcoin holder among its competitors.
On Friday, February 16, 2024, the value of bitcoin was between $51,850 to $52,350, with onchain insights from Arkham Intelligence revealing that Nasdaq-listed crypto exchange giant Coinbase now holds over 1 million bitcoins.
Coinbase Beats Rivals With Staggering 1 Million Bitcoin Inventory
Based on current market prices, the deposits secured by the San Francisco-headquartered company are worth a little over $52 billion. Coinbase Global offers holdings exceeding 1 million BTC, as per data obtained from Arkham, which shows an inventory of around 1.003 million, worth a little above $52 billion at current bitcoin rates.
This enormous collection is probably second only to Satoshi Nakamoto's rumored assets, or could even be on par. Bitcoin.com News previously highlighted the company's approach to this landmark, noting that as of January 28, 2024, the exchange had 994,981 BTC on hand.
Known as one of the top exchanges in the world in terms of trading volume, Coinbase also serves as custodian for seven of the ten newly introduced spot bitcoin exchange-traded funds (ETFs) in the U.S., including significant bitcoin reserves at Grayscale and Blackrock. The company's bitcoin assets are also spread across various BTC addresses, for example, the Coinbase Prime wallet identified by Arkham holds 5,343 BTC, which may be used for spot trading activities on the exchange. its competitors, including Binance with a whopping cache of 647,042 BTC worth $33.6 billion. Binance leads with the largest BTC cold wallet, containing 248,597 BTC, while Bitfinex's cold wallet has the second largest amount held by a single address with 204,010 BTC. Robinhood reportedly holds about 131,066 BTC, worth about $6.81 billion.
Apart from Binance, nothing rivals Coinbase's bitcoin reserves The substantial bitcoin reserves under Coinbase's oversight place a huge responsibility on its shoulders.
What do you think about Coinbase hitting the 1 million bitcoin mark? Share your thoughts and opinions on this in the comments section below.
