Crypto Goliath Amasses 966,000 Bitcoin (BTC) Trove Worth $7,000,000,000: Report

04 December 2019, Wednesday, 03:20 -
Crypto Goliath Amasses 966,000 Bitcoin (BTC) Trove Worth $7,000,000,000: Report

The leading US crypto exchange Coinbase has reportedly amassed Bitcoin holdings worth about $7 billion.

Coinbase leads all exchanges worldwide (excluding China) with a balance of about 966,230 BTC, according to new data published by BitUniverse, a cryptocurrency portfolio tracker.

BitMEX is second, with a balance of about 265,540 BTC worth approximately $1.9 billion, and Bitstamp is third, holding roughly 225,660 BTC worth about $1.6 billion.

Most of the Bitcoin troves largely represent what the exchanges are holding on behalf of their customers, not strictly company fortunes.

— BitUniverse – Crypto Portfolio & Trading Bot (@bituniverse_org) December 2, 2019

A report last month from TokenData refers to the exchange as a merger-and-acquisition powerhouse, having made more acquisitions than any other exchange.

“Coinbase is the leader in Strategic M&A with 16 acquisitions. While the company’s M&A strategy mainly consists of acquihires and technology ‘tuck-ins’, it has also engaged in two significant acquisitions such as Earn ($100M) and Xapo’s custody business ($55M).”

Coinbase shows no signs of slowing down. In October, the San Francisco-based exchange secured an e-money license from regulators at the Central Bank of Ireland, one of only a few companies in the space to obtain such approval.

TechCrunch has also reported that after the Ripple-backed rental startup Omni closed its doors, Coinbase initiated plans to hire 10 of their engineers.

BitUniverse says it will release a full list of exchange balances on December 12th.

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