Coinbase Reportedly Holds Approximately 55057697000 Worth of Bitcoin BTC as per Glassnode Data
Coinbase currently holds approximately 4% of the total circulating supply of Bitcoin (BTC), as reported by the blockchain analytics platform Glassnode. According to Glassnode, the leading US crypto exchange has custody of around 839,000 BTC.
“Coinbase has a significant share of both overall exchange balances and US spot exchange-traded funds (ETF) balances through its custody service. The Coinbase Exchange and Coinbase Custody entities currently have an estimated 270,000 and 569,000 BTC respectively.”
Bitcoin, currently valued at $65,085, boasts a market capitalization of $1.285 trillion. Glassnode also notes that Coinbase saw a substantial increase in Bitcoin deposits following the approval of spot Bitcoin ETFs in the US earlier this year.
“However, a large portion of these deposits are linked to outflows from the Grayscale Bitcoin Trust (GBTC) address cluster, which has been a significant source of supply throughout the year.”
Upon the approval of spot Bitcoin ETFs, Coinbase was selected as the custody partner for eight of the exchange-traded products. Additionally, Coinbase is a surveillance-sharing partner for certain spot Bitcoin ETF issuers.
In July 2023, investment manager Valkyrie entered into a surveillance-sharing agreement with Coinbase. These agreements involve the sharing of trading data, order book information, and other market data to monitor trading activities and prevent fraud and market manipulation.
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