Analytics Firm Identifies Brokerage That Owns the Most Bitcoin; It’s not Binance

The analytics platform Arkham determined that the Coin basethe most popular cryptocurrency broker in the US, is the institution that owns the most Bitcoin in the world, with 5% of the digital currency’s total supply.

According to analysis of the company, Coinbase has 947,755 bitcoins. This makes the broker the largest Bitcoin holder on the platform; the total number of bitcoins the company owns is almost as much as what Satoshi Nakamoto owns.

Arkham also reported that it has identified more than 36 million Bitcoin addresses attributed to Coinbase, with the largest wallet holding 10,000 Bitcoins. According to them, the exchange probably has more addresses, but these are not yet labeled and are being analyzed.

R$123 billion worth of Bitcoin

Coinbase’s 947,755 bitcoins are valued at approximately $25 billion at current exchange rates, more than 123 billion reais upon conversion.

According to Arkham, Coinbase’s Bitcoin portfolio represents 5% of Bitcoin’s total circulating supply, which currently stands at approximately 19,493,900, as recorded by tracking platform CoinMarketCap.

However, it is important to note that the majority of bitcoins are owned by the exchange’s users, especially since Arkham highlighted that Coinbase has more than 36 million addresses, all of which the on-chain analytics platform consistently tracks and identifies.

Coinbase bitcoin addresses (Arkham Image)
Coinbase bitcoin addresses (Arkham Image)

Other cryptocurrencies

Arkham further revealed that Coinbase’s cryptocurrency portfolio goes beyond Bitcoin and includes many other digital currencies.

For example, the company has about 1.68 million Ether (ETH), worth about R$13 billion, and 68 million Chainlink (LINK) tokens, valued at about R$2.3 billion.

Interestingly, Coinbase also has $194 million worth of Binance Coin (BNB), its main competitor’s native cryptocurrency.

Before the Coinbase report, the platform had already published similar information about other companies, pointing out the Grayscale as the largest holder of Ethereum.

Meanwhile, the cryptocurrency market had a mixed reaction to the report, with some expressing concerns about the amount of bitcoins held by centralized companies. After all, there is a risk that the market will collapse if the company goes bankrupt or is hacked, as happened with defunct FTX.

Others have suggested that broker clients should withdraw their assets from such platforms, citing the famous phrase “If the bitcoins are not in your wallet, they are not yours.”

There were also questions about the bitcoin holdings of Binance, considered the largest cryptocurrency broker in the world.

While Arkham has not yet published a specific report on the exchange, the data comes from its website Bitcoin rich list point out that Binance has between 400 and 500 thousand bitcoins.

Bitcoin rich list 23 04 2023
Bitcoin rich list 23 04 2023

Finally, the cryptocurrency community should now pay more attention to Coinbase’s moves as it has the power to significantly influence the market as a whole.

Source: Live Coins