Nestled in San Francisco, the digital fortress known as Coinbase (Nasdaq: COIN) houses an astonishing 13.7% of circulating bitcoin (BTC), according to onchain data from timechainindex.com. More than just a trading platform, Coinbase plays custodian to a diverse range of counterparties, including fellow exchanges, miners, and issuers of exchange‑traded products (ETPs).
A closer look reveals that Coinbase’s vault is brimming with customer assets amounting to 1,045,246 BTC. Furthermore, the company holds reserves for financial technology companies such as Revolut (28,536 BTC), Bitvavo (22,695 BTC), and Newton (1,480 BTC). This wide-ranging institutional client base paints a dynamic picture of contemporary crypto finance.
Among the heavyweights anchoring this ever-expanding vault is Blackrock, whose Ishares Bitcoin Trust (IBIT) has rapidly amassed 607,086 BTC, marking it as the largest ETF position under Coinbase’s supervision. Not far behind is Grayscale’s GBTC with 189,416 BTC. ETF newcomers like Ark Invest with 21shares and Bitwise contribute to an ETF/ETP segment that comfortably surpasses 1 million BTC.
Beyond ETFs, Coinbase’s mandate is extensive. It safeguards Strategy’s substantial cache, which surpasses nearly every public company, and manages account balances for tech giants such as Tesla and SpaceX, which boast 11,509 and 8,285 BTC respectively. With its Prime Custody and over‑the‑counter (OTC) desks, Coinbase caters to a diverse clientele spanning both crypto-native funds and traditional finance (TradFi) institutions.
While most prominent ETF sponsors—Blackrock, Ark Invest, Bitwise, Franklin Templeton, and even Grayscale—entrust their bitcoin to Coinbase, Fidelity’s FBTC fund has opted to travel a different path. Instead, it utilizes its Fidelity Digital Assets custody stack. In total, Coinbase is responsible for an awe-inspiring 2,719,568 BTC under management, equivalent to roughly $261 billion at current spot prices.
The digital economy is evolving at a breakneck pace, and Coinbase serves as a formidable custodian in this dynamic landscape. As the company continues to expand its services and client base, it will undeniably play a crucial role in the growth and development of the crypto economy. The security and trust that Coinbase offers to its vast array of clients underline its pivotal place in this thriving, complex, and often volatile space.
