A recent report showed that Coinbase is holding the highest amount of Bitcoin in its reserves over other crypto or non-crypto firms.
Coinbase is a US based top ranked crypto exchange. This exchange went public in April 2021 under the index COIN. In June of this year, the United States Securities and Exchange Commission (SEC) sued this exchange for running an unregistered national securities exchange & offering unregistered securities trading services. Following the suit, Coinbase decided not to bring any change in its existing services & also stood strongly against the SEC’s arguments & charges.
On 22 Sep 2023, A popular blockchain intelligence firm Arkham Intel reported that the Coinbase crypto exchange holds 1 million Bitcoin on the chain, valued at nearly $25 billion at the current trade price of Bitcoin.
This amount of Bitcoin held by this Nasdaq-listed exchange is top over any other institution in the world. This holding amount of Bitcoin is 5% of the total supply of Bitcoin.
According to Arkham Intel’s investigation, there are some more Bitcoins in Coinbase’s reserves which will be uncovered following chain investigations in the future.
As per the report, Coinbase’s highest amount of holding in a single wallet is 10,000 which shows that the Coinbase team successfully maintained scale holdings.
Interestingly here Coinbase reported that exchange could be holding other crypto assets ( Ethereum, Cardano, etc.) in big amounts.
As per Coinbase’s official report, the exchange currently holds 1.68 million ETH (Ethereum) valued at around $2.69 billion. Additionally, Coinbase holds 68.59 million LINK (Chainlink) tokens, estimated at $471 million.
Coinbase also holds 222 million USDC, and 921,000 BNB (nearly $194 million at the current trade price).
Crypto X ( formerly Twitter) community responded to these findings with mixed responses. Some said that Coinbase’s high Bitcoin holding shows that soon big institutions will make Bitcoin just like stock assets, while some people said that this is showing a very good financial health for this publicly trading cryptocurrency exchange, which will help it to fight against SEC’s charges with more confidence.