Coinbase Stores 10.83% of Bitcoin's Total Supply, Data Shows
- WBOYOriginal
- 2024-09-05 21:10:13865browse
According to an X account, Sani, the founder of TimeChainIndex.com, the Coinbase group currently custodies a total of 2,275,123 BTC.
Coinbase group is now reported to be directly or indirectly responsible for the custody of over 2.2 million BTC, which is roughly 10.83% of Bitcoin’s maximum supply of 21 million, as per an X account.
A chart compiled by TimeChainIndex breaks down these assets across various sectors, starting with centralized exchanges (CEXs), which hold a large portion with 1,105,318 BTC. Of this, retail exchange Coinbase alone has over 1 million BTC, with additional holdings from Revolut and Bitvavo.
The second-largest category is ETFs/ETPs, which accounts for over 808,000 BTC. This consists mainly of US ETFs, which control a significant share of Bitcoin held by investment products.
Coinbase Prime Custody, a specialized service for institutional-grade asset storage, safeguards 137,947 BTC. Meanwhile, Coinbase Prime’s broader services, including liquidity access and trading tools, account for 106,541 BTC through funds and over-the-counter (OTC) services.
Corporations such as MicroStrategy, Tesla, and SpaceX collectively hold over 99,000 BTC, with MicroStrategy leading the pack.
As per an X post by “level39,” MicroStrategy disclosed in a February 2023 10-K filing that it holds its Bitcoin across multiple custodians, including Fidelity, to enhance the security and diversification of its assets.
Finally, miners, including companies like Hut 8, CleanSpark, Cipher Mining, and Bitfarms, hold around 17,609 BTC.
This data highlights Coinbase’s significant role in Bitcoin custody, which could potentially open up to centralization concerns.
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