Coinbase Becomes the Entity with the Most Bitcoin, Only Surpassed by Satoshi Nakamoto

Coinbase, the renowned cryptocurrency exchange platform, has reached a significant milestone, positioning itself as the entity with the most holdings in bitcoin, only surpassed by the mysterious creator of Bitcoin, Satoshi Nakamoto. According to the data firm Arkham, Coinbase holds almost a million bitcoins (BTC), equivalent to approximately $25 billion.

Details of the Holdings

The research reveals that Coinbase is in possession of 948,383 bitcoins, representing almost 5% of all existing BTC. This amount is close to the 1.1 million BTC believed to be held by Satoshi Nakamoto. With these figures, Coinbase has surpassed other major bitcoin holders like the Binance exchange and the Grayscale investment fund.

Breakdown of Holdings

Juan Rodríguez, a market analyst, has clarified that the bitcoins in Coinbase’s possession do not entirely belong to the company. Of the bitcoins held by Coinbase, about 463,000 belong to the users of its exchange, and around 520,000 to institutions on its custody platform. Only 9,480 BTC are owned by Coinbase, according to its public reports, making it the fourth publicly traded company with the most bitcoin in its holdings. This implies that 99% of the holdings detected by Arkham belong to its users.

Impact on the Market

This discovery has highlighted the significant influence and impact of Coinbase in the cryptocurrency market. By hosting such a substantial amount of bitcoin, Coinbase reinforces its position in the crypto ecosystem and demonstrates the growing adoption and trust in cryptocurrencies by institutions and individual users.

The revelation of Coinbase’s significant bitcoin holdings marks a pivotal moment in the development and adoption of cryptocurrencies. By becoming the entity with the most bitcoin after Satoshi Nakamoto, Coinbase has not only surpassed other industry giants but has also underscored the ongoing importance and relevance of bitcoin in the global financial landscape. This development could influence the perception and valuation of bitcoin and other cryptocurrencies, further driving their acceptance and usage worldwide.