Coinbase, one of the leading cryptocurrency exchanges, is responsible for holding a significant amount of crypto assets and cash on behalf of its users. At the end of September, Coinbase users held $272.7 billion in crypto and $4 billion in cash. This marked an increase of nearly $3.5 billion in crypto since June. Additionally, Coinbase Custody holds a substantial amount of crypto tied up in Grayscale's suite of ETPs and ETFs, as well as on behalf of other ETF issuers like BlackRock, Bitwise, and Ark/21Shares, bringing Coinbase's total custodied assets to $331 billion. Furthermore, Chainalysis estimated that approximately 1.8 million BTC, or 9.1% of the circulating supply, could be lost forever. Considering this, Coinbase's holdings would account for approximately 17% of the remaining paper value of crypto.



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