Benzinga - Cryptocurrency exchange Coinbase Inc. (NASDAQ:COIN) currently holds $25 billion in Bitcoin (CRYPTO: BTC) reserves.
What Happened: This amount rivals the holdings of Bitcoin’s mysterious creator, Satoshi Nakamoto.
According to Arkham Intelligence, Coinbase holds approximately 36 million wallets. The largest identified cold wallet alone holds an astonishing 10,000 Bitcoin, with a value of around $265 million.
This figure is close to the estimated amount held by Bitcoin’s enigmatic creator.
"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," Arkham said.
Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.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 (@ArkhamIntel) September 22, 2023
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Why It Matters: The true identity of Nakamoto remains a mystery even after fifteen years since the release of the Bitcoin white paper.
Similarly, the exact size of Nakamoto’s Bitcoin ownership remains unknown. It is believed that between January and July 2009, Nakamoto mined over 1 million BTC when the value of Bitcoin was minuscule, less than that of a penny. At today’s valuation, this would be worth over $26 billion, making Nakamoto potentially one of the largest crypto whales. However, there hasn’t been any definitive confirmation of Nakamoto’s ownership of these wallets.
In other news, Coinbase, in its efforts to expand its crypto derivatives offerings globally, considered buying FTX’s European branch after the latter’s bankruptcy in November.
Price Action: At the time of writing, BTC was trading at $26,169.27, down 1.56% in the last 24 hours, according to Benzinga Pro.
Photo by Below the Sky on Shutterstock
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