Analysts have estimated Bitcoin reserves at Coinbase

24.09.2023 11:30

The Coinbase cryptocurrency exchange holds almost 1 million BTC, which is about 5% of all bitcoins in circulation. This was reported by Arkham Intelligence analysts.

Experts recalled that the creator of the first cryptocurrency Satoshi Nakamoto has about the same number of coins.

"Given the latest financial performance of the exchange, Coinbase probably owns thousands more unlabeled bitcoins," Arkham Intelligence said.

In September, Coinbase CEO Brian Armstrong called bitcoin the "most important" cryptocurrency, while confirming the exchange's decision to integrate the Lightning Network micropayment network.

Earlier, Arkham Intelligence analysts linked over 1,750 addresses with the Grayscale Investments bitcoin trust. In total, they contain 627,779 BTC (~$16.15 billion).

Recall that the specialists of the same firm linked the online broker Robinhood with the third largest bitcoin address, storing 26,081 BTC (~$ 3.09 billion).

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