Coinbase Now Holds the Largest Bitcoin Reserve: Could BlackRock Have an Impact?

• With approximately 36 million BTC deposits and owning addresses, including a cold wallet containing around 10,000 BTC, Coinbase’s influence on the crypto market is extraordinary.
• Coinbase also holds $2.68 billion worth of 1,686,000 ETH, $467.10 million worth of 68,591,000 LINK, and several other cryptocurrencies.
• It’s worth noting that Coinbase is currently facing a lawsuit filed by the SEC for alleged violations of custody rules and other charges.

Arkham has revealed that Coinbase holds more than $25 billion worth of Bitcoin; is there any connection to BlackRock with these reserves?

Coinbase Holds $25 Billion Worth of Bitcoin!

Blockchain analytics firm Arkham has unveiled surprising details about Coinbase’s crypto assets. These revelations highlight not only Coinbase’s massive ownership of over a million BTC, worth more than $25 billion, but also the exchange’s extensive portfolio spread across various cryptocurrencies.

The discovery of a cold wallet containing approximately 10,000 BTC, along with 36 million BTC deposits and owning addresses, underscores Coinbase’s extraordinary impact on the crypto market. This means the exchange possesses nearly 5% of all existing Bitcoins, aligning closely with Bitcoin’s creator, Satoshi Nakamoto.

Arkham’s research delves deeper into the exchange’s impressive asset collection. Coinbase also owns:

• 222,832,000 USD Coin (USDC) worth $222.83 million
• 921,875 Binance Coin (BNB) worth $194.11 million
• 854,137,000 The Graph (GRT) worth $74.62 million
• 12,100,000 Uniswap (UNI) worth $51.18 million
• 162,458,000 0x Protocol (ZRX) worth $30.28 million

BlackRock Connection

As the crypto community buzzes about Coinbase’s growing presence, a joke was made about asset management giant BlackRock being willing to snatch this milestone from Coinbase.

However, here’s the surprise of the story: Coinbase is already under the protective wing of BlackRock, thanks to a partnership both companies announced months ago. Now you can have a bigger picture of the power dynamics in the crypto space.

It’s worth noting that Coinbase is currently facing a lawsuit filed by the SEC for alleged violations of custody rules and other charges. The approval of BlackRock’s ETF application by the SEC could potentially expedite the resolution of the ongoing lawsuit.