Coinbase Now Holds Nearly 3 Million BTC, Dominates Institutional Bitcoin Custody
Coinbase (Nasdaq: COIN) has emerged as the largest institutional custodian of Bitcoin (BTC), now managing an astonishing 2.92 million BTC, according to data from Timechain Index.
In just under three months, Coinbase’s holdings have grown by 200,075 BTC—worth over $23 billion at current prices—further solidifying its status as the backbone of institutional Bitcoin storage.
ETF Giants Lead the Bitcoin Stash
A major portion of Coinbase’s custody is tied to Bitcoin ETFs and ETPs, with a combined 1,144,676 BTC allocated to funds.
| ETF/Issuer | BTC Held |
|---|---|
| BlackRock (IBIT) | 736,664 BTC |
| Grayscale (GBTC) | 181,387 BTC |
| Ark Invest (ARKB) | 49,226 BTC |
| Grayscale SBTC | 45,814 BTC |
| Grayscale GDLC | 5,758 BTC |
| Bitwise, 21shares, Purpose | Tens of thousands |
Other notable issuers include ETC Group, Valkyrie, Invesco, Franklin Templeton, 3iQ, and Osprey Funds, holding between 12,377 BTC and 1,573 BTC each.
Coinbase’s Exchange Reserves and Custody Dominance
Outside of ETFs, centralized exchanges (CEXs) account for 1,045,213 BTC, with Coinbase holding 986,518 BTC—making up the vast majority.
Other exchange clients include:
- Bitvavo: 28,974 BTC
- Revolut: 28,327 BTC
- Newton: 1,394 BTC
Through Coinbase Prime Custody, the company manages 255,050 BTC, while another 60,351 BTC is held in its Prime accounts. Abraxas Capital alone contributes 20,983 BTC.
Corporate Holdings and Wrapped BTC on the Rise
Among corporate clients, MicroStrategy dominates with 302,353 BTC, followed by:
- Tesla: 11,509 BTC
- SpaceX: 8,285 BTC
Coinbase also manages:
- 81,334 BTC for over-the-counter (OTC) desks
- 52,877 BTC in wrapped bitcoin (cbBTC)
- 18,345 BTC held by mining firms, including:
- Hut8: 8,976 BTC
- Cleanspark Inc.: 8,707 BTC
- Cipher Mining: 449 BTC
- Bitfarms: 213 BTC
The Hidden Powerhouse Behind Institutional Bitcoin
This data confirms Coinbase’s role as the primary vault for Wall Street and Silicon Valley’s BTC appetite. While much of the spotlight shines on ETFs and price action, Coinbase’s custody services quietly underpin the infrastructure of institutional crypto adoption.
With nearly 3 million BTC—roughly 15% of the total circulating supply—under management, Coinbase is no longer just an exchange. It’s now the bank of Bitcoin.
