Coinbase Holds 4% of the Bitcoin (BTC) in Circulation

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

Coinbase, the largest cryptocurrency exchange in the United States, currently holds a significant portion of the Bitcoin (BTC) in circulation, according to blockchain analytics platform Glassnode.

As of Monday, Coinbase has roughly 839,000 BTC in its custody, out of the total 19.32 circulating Bitcoin, which is valued at about $54.6 billion at current market prices.

Of the 839,000 BTC held by Coinbase, around 270,000 BTC is directly held by the Coinbase exchange entity, while the remaining 569,000 BTC is custodied by Coinbase Custody.

Coinbase also boasts a large presence in the US spot exchange-traded fund (ETF) market through its custody services.

“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,” Glassnode noted in its latest Web3 Unfolded report.

Coinbase was named the custody partner for eight of the spot Bitcoin ETFs that were approved by the US Securities and Exchange Commission (SEC) in January.

The exchange also serves as a surveillance-sharing partner for some of the spot Bitcoin ETF issuers.

notably, in July 2023, investment manager Valkyrie entered into a surveillance-sharing agreement with Coinbase.

Surveillance-sharing agreements typically entail the sharing of trading data, order book information and other market data with the aim of monitoring trading activities to identify and prevent fraud and market manipulation.