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Arkham Intel, one of the leading blockchain data platforms, has shared significant data. It has been discovered that Coinbase, a leading US-based cryptocurrency exchange, holds $25 billion worth of Bitcoin (BTC) in its reserves.
This data positions Coinbase as the largest Bitcoin holder in the world, alongside Satoshi Nakamoto in the Bitcoin realm. These reserves account for approximately 5% of the total Bitcoin supply.
Coinbase: The Biggest Bitcoin Holder
Through Arkham Intel’s comprehensive analysis, more than 36 million Bitcoin deposit and holding addresses associated with Coinbase have been successfully identified. Remarkably, Coinbase’s largest cold wallet alone holds approximately 10,000 BTC.
However, Arkham Intel also notes that Coinbase’s actual Bitcoin reserves may extend beyond the identified addresses. Upon examining Coinbase’s recent financial reports, it is possible that the exchange may have thousands of BTC yet to be traced and uncovered. Furthermore, Arkham Intel’s platform has revealed that Coinbase holds significant amounts of other cryptocurrencies beyond Bitcoin.
It has also been reported that Coinbase holds approximately 1.68 million ETH (Ethereum) worth around $2.69 billion. Additionally, Coinbase is in possession of 68.59 million LINK (Chainlink) tokens, estimated to be worth $471 million.
USDC (USD Coin), a stablecoin, is also part of Coinbase’s portfolio with a total of 222 million coins. Lastly, Coinbase holds approximately 921,000 BNB (Binance Coin) worth around $194 million.
Base Overtakes Solana in TVL Rankings
Base, a notable development for the exchange and the new Layer-2 (L2) blockchain, has surpassed Solana in terms of Total Value Locked (TVL) and garnered attention as a formidable competitor. According to the latest statistics from Defillama, Coinbase’s L2 solution, Base, has surpassed Solana with a TVL of $370 million, leaving behind Solana’s $310 million. This achievement could be a significant milestone for Base.
Notably, Base’s TVL places it ahead of leading blockchains such as Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano. With its current TVL, Base accounts for approximately 0.96% of the total $38.14 billion TVL in the DeFi space.
Base’s position among the top protocols in terms of TVL, behind Mixin, Polygon, Avalanche, Optimism, Arbitrum, BSC, Tron, and Ethereum, is strengthening. This success highlights Coinbase’s increasing significance in the DeFi environment with its L2 blockchain.
Data from Dune Analytics reveals that Base has successfully bridged a total value of $426.81 million since its L2 launch. Of this amount, $232.19 million, or 54.4%, consists of 143,467 Ethereum, showcasing the strong support from the Ethereum community. Additionally, approximately 27.2% of the bridged assets are comprised of 115,993,548 USDC stablecoins.
