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Coinbase Holding Roughly $55,057,697,000 in Bitcoin (BTC), According to Glassnode

June 19, 2024

Coinbase is currently holding around 4% of the Bitcoin (BTC) in circulation, according to the blockchain analytics platform Glassnode.

Per Glassnode, the top US crypto exchange has approximately 839,000 BTC in its custody.

“Coinbase as an entity holds a vast fraction of both aggregate exchange balances, as well the US spot exchange-traded funds (ETF) balances via its custody service.

The Coinbase Exchange and Coinbase Custody entities currently hold an estimated 270,000 and 569,000 BTC respectively.”

Bitcoin, which is trading at $65,085 at time of writing, currently boasts a market capitalization of $1.285 trillion.

The blockchain analytics platform further says that Coinbase experienced a “considerable increase” in Bitcoin deposits following the approval of spot Bitcoin ETFs in the US in January of this year.

“However, we note a significant portion of the deposits are associated with the outflows from the Grayscale Bitcoin Trust (GBTC) address cluster, which has been a long-standing supply overhead throughout the year.”

At the time of the approval of the spot Bitcoin ETFs, Coinbase was named the custody partner for eight of the exchange-traded products. Coinbase is also a surveillance-sharing partner for some of the spot Bitcoin ETF issuers.

In July 2023, investment manager Valkyrie entered a surveillance-sharing agreement with Coinbase. Surveillance-sharing agreements involve the sharing of trading data, order book information and other market data with a view of monitoring trading activities to prevent fraud and market manipulation.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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