(CTN News) – Coinbase holds 1 million Bitcoins, according to blockchain intelligence platform Arkham.
In its wallets, BTC has $26,582 in it. At the current market price for Bitcoin, the coins are worth more than $25 billion.
Almost 5% of the total number of Bitcoins in the world are currently held by Arkham, according to the exchange. Apparently, Arkham has reported that Coinbase holds a total of 947,755 bitcoins.
The current circulating supply of Bitcoin is around 19,493,537 units, according to CoinGecko, a website dedicated to providing information on digital currencies.
In addition, Arkham also noted that it had tagged and identified 36 million Bitcoin deposit addresses and holding addresses used by the exchange through its software.
Approximately 10,000 BTC is contained in Coinbase’s largest cold wallet, according to Arkham.
According to the company’s analysis of Coinbase’s financial reports, the exchange is believed to have more Bitcoin that have not been labeled and could not be identified, based on Coinbase’s financial reports.
It is estimated that Coinbase holds over $25 billion in Bitcoin in its wallets, but the exchange only owns around 10,000 of all the Bitcoin it holds, which is worth roughly $200 million, according to recent figures.
In the meantime, members of the Bitcoin community were expressing a variety of reactions to the news that the centralized exchange holds a large amount of Bitcoins.
As some believe it is a sign to withdraw their BTC from exchanges, they warn holders not to wait until their exchanges start to stop withdrawals before they make the move.
There are others who claim that there is no good way for them to keep their assets in cold wallets, since there are legitimate concerns over cold wallets.
There is no doubt that MicroStrategy owns the largest amount of Bitcoin out of all companies when it comes to Bitcoin ownership.
A report released by the co-founder of the company, Michael Saylor, on Aug. 1 stated that the company owns 152,800 Bitcoins, which are worth over $4 billion at the time of this writing.