Key Takeaways
- Coinbase holds 2.27 million BTC, or 10.83% of Bitcoin’s supply.
- Coinbase's retail exchange accounts for over 1 million BTC.
- Coinbase Prime Custody secures 137,947 BTC for institutional clients.
Coinbase holds an impressive 2,275,123 BTC, representing about 10.83% of Bitcoin’s maximum supply of 21 million.
This data comes from Sani, founder of TimeChainIndex.com, who compiled a breakdown of these assets across various sectors.
Centralized exchanges
Centralized exchanges account for the largest portion, with 1,105,318 BTC.
Coinbase’s retail exchange alone holds over 1 million BTC, along with contributions from platforms like Revolut and Bitvavo.
The second-largest sector is exchange-traded products (ETFs/ETPs), which hold over 808,000 BTC, mostly controlled by U.S. ETFs.
Coinbase Prime Custody
Coinbase Prime Custody, which provides institutional-grade asset storage, manages 137,947 BTC.
In addition, Coinbase Prime’s broader services, including liquidity and OTC trading, hold 106,541 BTC.
Corporate holdings, led by MicroStrategy, Tesla, and SpaceX, amount to over 99,000 BTC. Notably, MicroStrategy disclosed in a February 2023 filing that it uses multiple custodians, including Fidelity, for added security.
Miners such as Hut 8, CleanSpark, Cipher Mining, and Bitfarms collectively hold 17,609 BTC.
Concerns
Coinbase’s custody role has raised concerns about potential centralization in the Bitcoin ecosystem.
