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Coinbase holds $25 billion worth of Bitcoin, becoming the largest holder with 1 million BTC

Coinbase

Computer generated 3D illustration of Bitcoin coins falling on a white background with golden shader

In a remarkable one discoveryArkham Intel, a leading blockchain intelligence platform, has identified $25 billion worth of Bitcoin (BTC) reserves held by Coinbase, the popular US-based cryptocurrency exchange.

This revelation puts Coinbase at the forefront of the Bitcoin landscape, positioning it alongside the enigmatic Satoshi Nakamoto as the largest Bitcoin company in the world. The uncovered reserves amount to almost 5% of the total Bitcoin supply.

Coinbase becomes the top Bitcoin holder

Arkham Intel’s comprehensive analysis successfully flagged over 36 million Bitcoin deposits and addresses linked to Coinbase. Notably, Coinbase’s largest cold wallet alone holds around 10,000 BTC, which is a testament to the size of its holdings.

However, Arkham Intel believes that Coinbase’s actual Bitcoin reserves may exceed the identified addresses. Based on Coinbase’s recent financial reports, it is highly likely that the exchange owns thousands more BTC that have yet to be tracked and tokenized.

Additionally, Arkham Intel’s platform shows that Coinbase holds significant amounts of other cryptocurrencies beyond Bitcoin.

The US-based exchange reportedly owns around 1.68 million ETH (Ethereum), worth around $2.69 billion. Additionally, Coinbase holds 68.59 million LINK tokens (Chainlink), valued at $471 million.

Coinbase Holdings as of today. Source: Arkham Intel Platform.

The stablecoin USDC (USD Coin), which is pegged 1:1 to the US dollar, is also part of Coinbase’s portfolio with a total holding of 222 million USDC. Finally, Coinbase holds 921,000 BNB (Binance Coin) worth about $194 million.

Base is emerging as a top contender, surpassing Solana in the TVL rankings

In a remarkable development for the exchange and its new Layer 2 (L2) blockchain, Base has emerged as a formidable competitor, surpassing Solana in terms of Total Value Locked (TVL).

According to the latest findings statistics From Defillama, Base, Coinbase’s L2 solution has a TVL of $370 million, surpassing Solana’s $310 million. This achievement represents an important milestone for Base and underlines its growing importance and influence in the industry.

It is noteworthy that Base’s TVL is ahead of prominent blockchains such as Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain and Cardano. With its current TVL, Base accounts for approximately 0.96% of the total $38.14 billion TVL in the DeFi space.

Base outperformed Solana and ranked 9th among protocols in terms of TVL. Source: Defillama.

Base has secured its place among the top protocols in terms of TVL, ranking just behind Mixin, Polygon, Avalanche, Optimism, Arbitrum, BSC, Tron and Ethereum. This success underscores the growing importance of Coinbase’s L2 blockchain in the DeFi landscape.

Data from Dune Analytics shows that Base has been successful since its L2 launch bridged a total value of $426.81 million. Of this, 143,467 Ether accounts for 54.4% or $232.19 million, showing strong support and acceptance from the Ethereum community. Additionally, approximately 27.2% of the assets bridged to Base consist of 115,993,548 USDC stablecoins.

COIN stock’s ongoing downward trend on the daily chart. Source: COIN on TradingView.com

However, it’s not all good news for the company. Coinbase shares, traded under the name COIN, have experienced a significant decline since July 20th.

Shares fell from the $111 mark, prompting the US Securities and Exchange Commission (SEC) to file a lawsuit against the company and Binance. Currently, shares on the exchange are trading at $71.78.

Featured image from iStock, chart from TradingView.com

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