Arkham, the Blockchain intelligence platform, recently identified that Coinbase, the crypto exchange, held almost a million Bitcoin in its storage wallets. As far as it is known, the coins have a worth of around $25 billion at the current market prices for the BTC. According to the Blockchain intelligence platform, the holdings of the exchange amount to around 5% of all existing cryptocurrencies.
Arkham has also stated that Coinbase holds around 947,755 BTC. Currently, the circulating supply of the cryptocurrency is around 19,493,755, according to CoinGecko. Furthermore, it was also reported by Arkham that it had tagged and identified close to 36 million Bitcoin deposit and holding addresses that were in use by the exchange. According to the intelligence platform, the largest cold wallet of the crypto exchange held around 10,000 BTC. Based on the financial reports of the exchange, the intelligence company does believe that Coinbase has more Bitcoin than labeled, and couldn’t be identified.
Coinbase Has Ownership Over Most Of The BTC
At the same time, community members also expressed a bunch of varying reactions to this news about the amount of Bitcoin that was held by the centralized exchange. Some also believe that this could be a sign to withdraw their BTC from exchanges such as Coinbase, which would further warn holders not to wait until the exchanges start halting withdrawals. Others believe that since there are quite a number of legitimate concerns over cold wallets, there is simply no good way to store all of the assets. When it comes to the ownership of Bitcoin by companies, MicroStrategy, the business intelligence firm, is still in ownership over most of the BTC.