Coinbase’s Bitcoin Cache Hits 2.9M—Here’s Who’s Behind the Stack

Over the last 83 days, Coinbase Global, Inc. saw a significant influx of bitcoin, taking in around $23 billion worth of coins.

Blackrock, Tesla, Strategy—They’re All Stashing BTC at Coinbase

The publicly traded company Coinbase (Nasdaq: COIN) not only operates an exchange but it also offers payment solutions, custodial services, and more to a wide range of businesses. At the start of May, Bitcoin.com News reported that onchain data from timechainindex.com shows Coinbase secured 2.719 million BTC.

That figure has jumped by 200,075 BTC ($23B+) over the past 2 months and 22 days. Coinbase holds a staggering 2,919,643 bitcoin under management, making it the central vault for a diverse set of institutional players. A massive chunk—1,144,676 BTC—is allocated to exchange-traded funds (ETFs) and exchange-traded products (ETPs).

Blackrock’s IBIT fund leads the pack with 736,664 BTC, dwarfing other issuers like Grayscale’s GBTC (181,387 BTC) and Ark Invest’s ARKB (49,226 BTC). Grayscale’s SBTC and GDLC funds hold 45,814 BTC and 5,758 BTC, respectively. Bitwise, Purpose Investments, and 21shares each contribute tens of thousands more.

Meanwhile, firms like ETC Group, Wisdomtree, Valkyrie, Invesco, Franklin Templeton, 3iQ, and Osprey Funds round out the mix with smaller allocations ranging from 12,377 BTC down to 1,573 BTC. Next comes centralized exchanges (CEXs), which collectively store 1,045,213 BTC. Coinbase’s own reserve is the lion’s share here at 986,518 BTC.

Bitvavo (28,974 BTC), Revolut (28,327 BTC), and Newton (1,394 BTC) make up the remainder of Coinbase’s CEX caches of BTC under management. Corporate holdings account for 322,148 BTC, led overwhelmingly by Strategy with 302,353 BTC. Tesla holds 11,509 BTC, while SpaceX adds another 8,285 BTC to the pile.

Timechain Index’s data further shows Coinbase custodies 255,050 BTC on behalf of clients through its Coinbase Prime Custody service. An additional 60,351 BTC sits in its general Coinbase Prime accounts, and Abraxas Capital contributes 20,983 BTC.

Over-the-counter (OTC) desks store 81,334 BTC, and Coinbase also manages 52,877 BTC of wrapped bitcoin (cbBTC) in contract wallets. Lastly, miners maintain 18,345 BTC on the platform, with Hut8 (8,976 BTC), Cleanspark Inc. (8,707 BTC), Cipher Mining (449 BTC), and Bitfarms (213 BTC) rounding out the bottom.

Altogether, the stats paint a clear picture: Coinbase has become the epicenter of institutional bitcoin custody, serving as the silent powerhouse behind Wall Street’s and Silicon Valley’s growing appetite for BTC.