May 26, 2024
Coinbase Holds $25 Billion in Bitcoin, Rivaling Mysterious Satoshi Nakamoto's Holdings
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Coinbase Holds $25 Billion in Bitcoin, Rivaling Mysterious Satoshi Nakamoto’s Holdings

Coinbase, the biggest crypto exchange in the US, has $25 billion in Bitcoin reserves, which is comparable to the holdings of Satoshi Nakamoto, the inventor of Bitcoin.

Approximately 36 million Coinbase wallets, which are used to store and deposit tokens, are home to approximately $25 billion in Bitcoin, according to a post made on Saturday by Arkham Intelligence. According to Coingecko data, the biggest detected cold wallet contains roughly 10,000 bitcoins, which are currently valued at about $265 million.

Although the corporation claims that this sum is close to the approximate holdings of Bitcoin’s creator, Arkham’s estimate is based only on the wallets identified as being linked to Coinbase.

“This [amount] makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence,” the company tweeted.

Fifteen years after the Bitcoin white paper first emerged on a cryptographer’s online message board, Nakamato’s precise identity is still unclear. The precise amount of Nakamoto’s Bitcoin holdings is still unknown, just like the creator’s cryptic name.

When Bitcoin’s value was less than a penny between January and July 2009, Satoshi is considered to have mined over 1 million BTC in total. This would be worth more than $26 billion in today’s dollars. Although there hasn’t been a firm confirmation that Nakamoto is the owner of these wallets, if accurate, this would make him one of today’s greatest crypto whales.

A sizeable amount of Coinbase’s trading volume is made up of transactions involving Bitcoin and Bitcoin pair trading. According to the company’s latest quarterly earnings report, bitcoin trading accounted for 40% of Coinbase’s overall volumes and nearly 39% of its transaction income.

Based on the exchange’s reported financials, Arkham hypothesizes that the wallets it associates with Coinbase may be a partial figure. Coinbase estimated that it owned $60.7 billion in client assets and liabilities in Bitcoin in its most recent 10-Q filing with the Securities and Exchange Commission (SEC).

Image: Flickr

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