Coinbase Vaults Beyond 1 Million Bitcoin Mark, Stash Valued Over $52 BillionOn Friday, Feb. 16, 2024, bitcoin’s value hovered between $51,850 to $52,350, with onchain insights from Arkham Intelligence revealing that the Nasdaq-listed crypto exchange giant, Coinbase, now possesses over 1 million bitcoin. Based on the current market prices, the stash secured by the San Francisco-headquartered firm is valued at just above $52 billion.Coinbase Outshines Rivals With a Staggering 1 Million Bitcoin InventoryAs of now, Coinbase Global boasts a holding exceeding 1 million BTC, as per data gleaned from Arkham, showcasing an inventory of approximately 1.003 million, valued slightly over $52 billion at the current bitcoin exchange rates. This vast collection is second perhaps only to the rumored assets of Satoshi Nakamoto, or it could even be on par. Bitcoin.com News had earlier highlighted the firm’s approach to this landmark, noting that on Jan. 28, 2024, the exchange had 994,981 BTC on hand.
Known for being among the top exchanges globally in terms of trade volume, Coinbase also serves as the custodian for seven of the ten newly introduced spot bitcoin exchange-traded funds (ETFs) in the U.S., including the significant bitcoin reserves of Grayscale and Blackrock. The company’s bitcoin assets are also dispersed across numerous BTC addresses, for example, the Coinbase Prime wallet identified by Arkham houses 5,343 BTC, presumably used for spot trading activities on the exchange.
The bitcoin assets held by the San Francisco-based firm significantly eclipse those of its rivals, including Binance with its formidable cache of 647,042 BTC worth $33.6 billion. Binance leads with the largest BTC cold wallet, containing 248,597 BTC, while Bitfinex’s cold wallet holds the second-largest amount held by a single address with 204,010 BTC. Robinhood is reported to own approximately 131,066 BTC, valued at around $6.81 billion. Aside from Binance, none rival the bitcoin reserves of Coinbase.
The substantial bitcoin reserves under Coinbase’s care place a hefty responsibility on its shoulders. The company is tasked with safeguarding the vast array of retail investors who trust the platform with the leading crypto asset, securing the BTC for traders active in its spot market, and ensuring the protection of substantial amounts held by institutional clients and BTC trusts. This responsibility is critical, as crypto exchanges and their clientele are frequent targets for nefarious elements. As the custodian of an unparalleled bitcoin reserve, Coinbase is forced to navigate the complexities of crypto stewardship.
Source:
https://news.bitcoin.com/coinbase-vaults-beyond-1-million-bitcoin-mark-stash-valued-over-52-billion/
