In a significant discovery, Arkham Intel, a leading blockchain intelligence platform, has identified $25 billion worth of Bitcoin (BTC) reserves held by Coinbase, the prominent US-based cryptocurrency exchange. This revelation solidifies Coinbase’s position as the largest Bitcoin entity in the world, alongside the enigmatic Satoshi Nakamoto. The uncovered reserves amount to nearly 5% of the total Bitcoin supply.
Through comprehensive analysis, Arkham Intel has successfully tagged over 36 million Bitcoin deposits and holding addresses associated with Coinbase. Notably, Coinbase’s largest cold wallet alone contains around 10,000 BTC, highlighting the scale of their holdings. However, it is suggested that Coinbase’s actual Bitcoin reserves may extend beyond the identified addresses. Based on Coinbase’s recent financial reports, it is highly likely that the exchange possesses thousands more BTC that have yet to be tracked and labeled.
Additionally, Arkham Intel’s platform reveals that Coinbase holds substantial amounts of other cryptocurrencies beyond Bitcoin. The US-based exchange reportedly possesses approximately 1.68 million ETH (Ethereum) valued at around $2.69 billion. Moreover, Coinbase holds 68.59 million LINK (Chainlink) tokens, estimated at $471 million. The stablecoin USDC (USD Coin), pegged 1:1 to the US dollar, is also part of Coinbase’s portfolio, with holdings totaling 222 million USDC. Lastly, Coinbase holds 921,000 BNB (Binance Coin) valued at approximately $194 million.
In another notable development, Coinbase’s Layer-2 (L2) blockchain solution, Base, has emerged as a formidable contender, surpassing Solana in terms of Total Value Locked (TVL). According to the latest statistics from Defillama, Base boasts a TVL of $370 million, surpassing Solana’s $310 million. This achievement represents a significant milestone for Base, demonstrating its growing prominence and influence in the industry.
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Notably, Base’s TVL positions it 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 overall $38.14 billion TVL in the DeFi space.
Data from Dune Analytics reveals that since its L2 launch, Base has successfully bridged a total value of $426.81 million. Of this, 54.4% or $232.19 million comprises 143,467 ether, demonstrating strong support and adoption from the Ethereum community. Additionally, approximately 27.2% of the bridged assets to Base consist of 115,993,548 USDC stablecoins.
However, it is not all good news for Coinbase. Coinbase stocks, traded under the name COIN, have been experiencing a significant decline since July 20. The stocks have declined from the $111 level, following the lawsuit filed by the US Securities and Exchange Commission (SEC) against the firm and Binance. Presently, the exchange’s stocks are trading at $71.78.
Despite the challenges faced by Coinbase in the stock market, its dominance and influence in the cryptocurrency industry remain strong. With its substantial Bitcoin reserves and diverse cryptocurrency holdings, Coinbase solidifies its position as a key player in the digital asset landscape. As the industry continues to evolve, Coinbase is well-positioned to navigate the challenges and capitalize on new opportunities.
