Crypto News

Analysts Uncover Coinbase’s Bitcoin Reserves

Cryptocurrency exchange Coinbase is sitting on a goldmine, with nearly 1 million BTC in its reserves. That’s approximately 5% of all the bitcoins currently in circulation.

What’s even more mind-blowing? This hoard of bitcoins held by Coinbase is in the same ballpark as the number of coins attributed to the enigmatic creator of Bitcoin, Satoshi Nakamoto.

But here’s the twist – Arkham Intelligence believes that Coinbase likely owns even more bitcoins that aren’t publicly labeled. The exchange’s recent financial performance hints at this tantalizing possibility.

In a recent revelation, Coinbase CEO Brian Armstrong dubbed Bitcoin as the “most important” cryptocurrency. He also confirmed the exchange’s commitment to integrate the Lightning Network micropayment network. Exciting times ahead for BTC enthusiasts!

Arkham Intelligence has been on a roll lately. They previously identified over 1,750 addresses linked to the Bitcoin trust Grayscale Investments, housing a whopping 627,779 BTC (equivalent to around $16.15 billion).

Not to be outdone, the same firm also connected online broker Robinhood to the third-largest Bitcoin address, where 26,081 BTC (approximately $3.09 billion) resides.

The cryptocurrency landscape continues to evolve, with these revelations shedding light on the immense influence and holdings of major players. Stay tuned for more crypto insights and exciting developments!

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