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Arkham Identifies Coinbase’s $25B in BTC; Rivals Nakamoto’s Legacy Coins

Arkham Identifies Coinbase's $25B in BTC; Rivals Nakamoto's Legacy Coins

On September 22, 2023, Arkham Intelligence unveiled that it has identified addresses tied to a staggering $25 billion from Coinbase’s bitcoin (BTC) holdings. This cache represents the most substantial BTC reserve on Arkham. The firm points out that this trove is nearly on par with Satoshi Nakamoto’s legendary 1 million coins.

Coinbase’s Crypto Cache Tops $29B

On Friday, Arkham Intelligence, a crypto analytics and data tracking firm, revealed that its platform now prominently displays Coinbase’s bitcoin (BTC) reserves. Taking to social media platform X, the firm announced, “Arkham has now identified $25B of Coinbase bitcoin reserves (1M [bitcoin]) on chain.” Arkham added:

This makes Coinbase the largest bitcoin entity in the world on Arkham, with almost 5% of all [bitcoin] in existence – about as much as Satoshi Nakamoto.

Data from Friday shows Coinbase’s coffers holding a formidable 948,383 BTC, which, at the moment, boasts a value of $25.16 billion. But that’s not all. Arkham’s list showcases other assets under Coinbase’s belt, pushing the company’s cumulative worth on Arkham to $29.09 billion. Diving deeper, Coinbase’s addresses contain approximately 1.686 million ethereum (ETH), translating to an estimated $2.68 billion. Additionally, they possess 68.591 million chainlink (LINK), with an approximate value of $473.96 million.

The crypto firm also holds about 222.832 million USDC and assets worth $193.93 million, or 921,875 BNB. The San Francisco-based crypto marketplace is also the custodian of 854.137 million GRT, valued at around $74 million, and a notable 12.1 million UNI tokens, estimated to be worth about $51.1 million. While Coinbase boasts assets around the $29.09 billion mark, as highlighted by Arkham’s explorer, Binance dwarfs this with a staggering $64.83 billion in crypto holdings.

Stacked against Coinbase, Binance’s BTC reserve sits at a more modest 658,256 BTC, valued at an estimated $17.50 billion. Interestingly, Binance’s most dominant asset is tether (USDT), with Arkham indicating that the exchange possesses a significant 21.18 billion USDT. When it comes to ethereum (ETH), Binance outshines Coinbase, maintaining a remarkable 4.086 million ETH, which carries a value of $6.52 billion. Notably, Arkham has been in overdrive recently, pinpointing and flagging crypto assets tied to industry giants such as Grayscale and Robinhood.

What do you think about Arkham identifying Coinbase’s stash of bitcoin reserves? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/Y1AHcmu
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