In a groundbreaking discovery, Arkham Intel, a renowned blockchain intelligence platform, has uncovered a staggering $25 billion worth of Bitcoin reserves held by Coinbase, one of the leading cryptocurrency exchanges in the United States. This revelation solidifies Coinbase’s position as the largest player in the Bitcoin world, second only to the mysterious Satoshi Nakamoto. The unearthed reserves account for almost 5% of the total Bitcoin supply, showcasing the vast scale of Coinbase’s holdings.
Arkham Intel’s comprehensive analysis successfully identified over 36 million Bitcoin deposits and holding addresses linked to Coinbase. Particularly notable is the fact that Coinbase’s biggest cold wallet alone contains around 10,000 BTC, signifying the magnitude of their reserves. However, Arkham Intel speculates that Coinbase’s actual Bitcoin reserves may exceed the identified addresses. Based on recent financial reports, it is highly likely that the exchange possesses thousands more BTC that have not yet been tracked and labeled.
Furthermore, Arkham Intel’s platform reveals that Coinbase holds significant amounts of other cryptocurrencies besides Bitcoin. The exchange is reported to possess approximately 1.68 million ETH (Ethereum) valued at around $2.69 billion. Additionally, Coinbase holds 68.59 million LINK (Chainlink) tokens worth an estimated $471 million. USDC (USD Coin), a stablecoin pegged 1:1 to the US dollar, is also part of Coinbase’s portfolio, with holdings totaling 222 million USDC. Lastly, Coinbase holds 921,000 BNB (Binance Coin) valued at approximately $194 million.
In another noteworthy development, Coinbase’s Layer-2 (L2) blockchain solution, Base, has emerged as a strong contender, surpassing Solana in terms of Total Value Locked (TVL) rankings. According to Defillama’s latest statistics, Base boasts a TVL of $370 million, outperforming Solana’s $310 million. This achievement marks a significant milestone for Base, underscoring its growing prominence and influence in the industry. Notably, Base’s TVL places it ahead of prominent blockchains such as Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano.
With its current TVL, Base accounts for approximately 0.96% of the overall $38.14 billion TVL in the decentralized finance (DeFi) space. Base now ranks just behind Mixin, Polygon, Avalanche, Optimism, Arbitrum, BSC, Tron, and Ethereum in terms of TVL, further cementing Coinbase’s L2 blockchain as a major player in the DeFi landscape. Data from Dune Analytics reveals that since its L2 launch, Base has successfully bridged a total value of $426.81 million. Of this, 54.4% or $232.19 million comprises 143,467 ether, demonstrating strong support and adoption from the Ethereum community. Additionally, approximately 27.2% of the bridged assets to Base consist of 115,993,548 USDC stablecoins.
However, amidst these positive developments, Coinbase’s stocks, traded under the name COIN, have been experiencing a significant decline since July 20. The stocks have dropped from the $111 level following the lawsuit filed by the US Securities and Exchange Commission (SEC) against the firm and Binance. Currently, the exchange’s stocks are trading at $71.78.
Overall, Coinbase’s stunning Bitcoin reserves, coupled with its significant holdings of other cryptocurrencies and Base’s growing prominence in the DeFi space, solidify its position as a dominant force in the cryptocurrency world. While its stocks may be experiencing a decline, the sheer scale of Coinbase’s crypto reserves and its innovative blockchain solutions position it for continued success in the industry.