On-chain data platform Arkham announced that it has successfully identified the set of Bitcoin wallet addresses belonging to the famous cryptocurrency exchange Coinbase. The data firm’s findings show that Coinbase currently holds approximately $25 billion worth of Bitcoin, the equivalent of around 1 million BTC, making it the largest Bitcoin holding on the Arkham platform. This surprising discovery means that Coinbase now controls around 5% of the total BTC supply, a figure comparable to Satoshi Nakamoto’s holdings.
The veil of mystery behind Bitcoin addresses is lifted
Arkham’s rigorous data analysis identified and tagged more than 36 million Bitcoin deposit and holding addresses linked to Coinbase. Their largest cold wallet contains approximately 10,000 BTC. This suggests that Coinbase may have thousands of additional BTC holdings that are undisclosed and awaiting further investigation by the platform. Satoshi Nakamoto, the mysterious founder of Bitcoin, was previously known to have the largest independent Bitcoin wallet with 1.1 million BTC. However, Nakamoto’s long absence and the decentralized nature of the BTC network have significantly reduced concerns regarding the size of his holdings. The Bitcoin community has transitioned towards a more decentralized ecosystem, reducing the importance of assets held by any individual.
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence – about as much as Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
— Arkham (@ArkhamIntel) September 22, 2023
Additionally, Arkham’s data analysis shows that, based on recent financial reports, Coinbase has a significant number of BTC holdings that have not yet been identified. This suggests that the exchange’s Bitcoin reserves may be larger than initially estimated. With approximately 5% of the world’s total Bitcoin supply, Coinbase has firmly established itself as the leading global holder of BTC on the Arkham platform. As a result, the cryptocurrency community should pay close attention to the exchange’s actions and strategies as they have the potential to influence significant price fluctuations in the cryptocurrency market.
The biggest addresses are disclosed
Before detecting Coinbase’s massive BTC reserves, Arkham had uncovered similar revelations about other prominent organizations in the crypto space. Notably, as we reported at Kriptokoin.com, they revealed that Robinhood is the third-largest holder of Bitcoin on the Bitcoin network, and Ethereum’s highly ranked cryptocurrency exchange, Grayscale, holds the second-largest holdings of BTC and Ethereum, respectively. In summary, Arkham’s data platform has made a significant breakthrough by identifying Coinbase as the largest holder of BTC globally within their system. With approximately 5% of all Bitcoins in existence under their control, Coinbase’s actions and holdings will undoubtedly continue to be a focal point for the cryptocurrency community as they navigate the ever-evolving world of crypto assets.
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