In a notable 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 puts Coinbase at the forefront of the Bitcoin landscape, positioning it 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.
Coinbase Emerges As Top Bitcoin Holder
Arkham Intel’s comprehensive analysis has successfully tagged over 36 million Bitcoin deposits and holding addresses associated with Coinbase. Remarkably, Coinbase’s largest cold wallet alone contains around 10,000 BTC, serving as a testament to the scale of their holdings.
However, Arkham Intel suggests 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.
Moreover, Arkham Intel’s platform reveals that Coinbase holds substantial amounts of other cryptocurrencies beyond Bitcoin.
The US-based exchange is reported to possess approximately 1.68 million ETH (Ethereum) valued at around $2.69 billion. Additionally, 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 a 921,000 BNB (Binance Coin) valued at approximately $194 million.
Base Emerges As Top Contender Surpassing Solana In TVL Rankings
In a noteworthy development for the exchange and its new Layer-2 (L2) blockchain, Base has emerged as a formidable contender, surpassing Solana in terms of Total Value Locked (TVL).
According to the latest statistics from Defillama, Base, Coinbase’s L2 solution boasts a TVL of $370 million, surpassing Solana’s $310 million. This achievement signifies an important milestone for Base, highlighting its growing prominence and influence in the industry.
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.
Base has secured its place among the top protocols regarding TVL, ranking just behind Mixin, Polygon, Avalanche, Optimism, Arbitrum, BSC, Tron, and Ethereum. This accomplishment highlights the growing prominence of Coinbase’s L2 blockchain within the DeFi landscape.
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 the firm. Coinbase stocks, traded under the name COIN, are experiencing a significant decline that has been ongoing since July 20.
The stocks have declined from the $111 level, followed by 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.
Featured image from iStock, chart from TradingView.com