Arkham Reveals Coinbase's $25 Billion Bitcoin Wallet Cluster, Comparable to Satoshi's Holdings
In a late-night post on X (formerly Twitter) on September 22, 2023 (Vietnam time), on-chain data platform Arkham disclosed its identification of the Bitcoin wallet cluster belonging to the Coinbase exchange.
The wallet cluster currently holds a staggering 1 million BTC, valued at $25 billion. This amount equates to 5% of the total supply of the flagship cryptocurrency.
Notably, Satoshi Nakamoto, the anonymous founder of Bitcoin, famously controlled the largest individual stash of BTC, amounting to 1.1 million BTC, as per Arkham's findings.
However, Satoshi's disappearance long ago and Bitcoin's evolution into a community-led network have effectively decentralized the cryptocurrency. Consequently, concerns about the BTC holdings of its creator are largely moot.
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
— Arkham (@ArkhamIntel) September 22, 2023
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence - about as much as Satoshi Nakamoto. pic.twitter.com/7sDOczS7WT
Arkham also reported that according to recent financial disclosures, thousands of BTC remain undesignated under Coinbase's ownership.
With its 5% share of the total BTC supply, Coinbase currently holds the largest amount of Bitcoin of any entity worldwide. Therefore, the community should monitor this exchange closely for potential market-moving developments.
Prior to uncovering Coinbase's holdings, Arkham previously disclosed high Bitcoin holdings by Robinhood (ranking 3rd) and Ethereum holdings by Grayscale (ranking 5th for Ethereum and 2nd for Bitcoin).
This revelation underscores Arkham's role in providing transparency within the cryptocurrency ecosystem, shedding light on significant holdings that impact market dynamics.
