Coinbase is managing 2.7 million Bitcoins, worth approximately $261 billion, for major clients including Wall Street firms, tech giants, and mining companies.
Coinbase, the cryptocurrency trading company based in San Francisco (Nasdaq: COIN), is quietly operating one of the largest digital asset storage facilities in the world. According to on-chain data from timechainindex.com, the company currently oversees 13.7% of the total circulating Bitcoin, equivalent to 2.7 million BTC with an estimated value of $261 billion at current prices.
In addition to operating the exchange, Coinbase also acts as a custodian for the vast assets from a diverse range of partners. Data shows that the total amount of Bitcoin from direct customer assets reaches 1,045,246 BTC. Furthermore, the company provides custody services for partners such as Revolut (28,536 BTC), Bitvavo (22,695 BTC), and Newton (1,480 BTC).
Custody center for ETFs and major tech companies
Occupying a particularly important position in Coinbase's client portfolio is BlackRock, with its ETF Ishares Bitcoin Trust (IBIT) quickly accumulating 607,086 BTC, becoming the largest ETF position held by Coinbase. Following is Grayscale’s GBTC with 189,416 BTC, while emerging ETFs like Ark Invest with 21Shares and Bitwise bring the total Bitcoin belonging to ETF/ETP funds above 1 million BTC.
Coinbase's custodial role goes beyond ETF funds. The company also manages the Bitcoin reserves of MicroStrategy – which remains larger than most other public companies. At the same time, Coinbase is also responsible for safeguarding digital assets for major tech corporations like Tesla and SpaceX, which hold 11,509 BTC and 8,285 BTC, respectively.
Through its Prime Custody service and over-the-counter (OTC) trading desks, Coinbase serves both crypto-native funds and traditional financial institutions (TradFi), acting as a bridge between these two financial worlds.
Notably, most of the leading ETF issuers – BlackRock, Ark Invest, Bitwise, Franklin Templeton, and even Grayscale – have chosen Coinbase as the primary custodian for their Bitcoin holdings. In contrast, Fidelity with its FBTC fund has implemented its own custody system through the Fidelity Digital Assets platform.
