It has been just revealed the fact that Coinbase holds almost $25 billion in Bitcoin reserves. Check out the latest reports about these numbers below.
Coinbase reveals interesting figures
It has been reported by blockchain intelligence company, Arkham, that Coinbase, a leading cryptocurrency exchange in the US, holds a reserve of almost $25 billion worth of Bitcoin (BTC). With this amount, Coinbase is considered the largest Bitcoin entity that Arkham has recorded.
The exchange’s Bitcoin holdings account for nearly 5% of all BTC in existence, which is approximately the same amount as the pseudonymous creator of the asset, Satoshi Nakamoto.
Arkham states that Coinbase possesses over 947,000 Bitcoin across 36 million BTC deposit and holding addresses. The exchange’s largest cold wallet is estimated to contain around 10,000 BTC.
Additionally, Arkham notes that Coinbase may have thousands of unlabelled Bitcoin in its possession.
The exchange currently has over $28.904 billion worth of cryptocurrency in its reserves, which includes $2.69 billion worth of Ethereum (ETH) and $520 million worth of Chainlink (LINK).
Additionally, Coinbase holds $234.59 million of the stablecoin USDC, which was co-created with Circle in 2018. The Centre Consortium had previously jointly managed USDC, but Circle has now taken over the governance and operations responsibilities.
It is worth noting that Coinbase plans to purchase an equity stake in Circle. Bitcointreasuries.net reports that Coinbase owns nearly $249 million worth of Bitcoin, making it the fourth-largest Bitcoin treasury in the world, behind MicroStrategy, Marathon Digital Holdings, and Tesla.
Coinbase in the news
According to Fortune, Coinbase, an exchange based in the United States, had considered the possibility of acquiring FTX Europe after FTX went bankrupt in November of last year.
The documents showed that Coinbase had explored the idea of expanding their cryptocurrency derivatives offerings by purchasing FTX Europe. However, these discussions did not advance to a later stage.
Even though Coinbase is no longer pursuing this potential deal, they have expressed their interest in acquiring a company later this month. Trading in cryptocurrency derivatives is a significant part of digital currency trading.
