Cryptographic data aggregator Messari reported that the amount of cryptographic assets stored in custody at the American stock exchange giant Coinbase increased in the last quarter of 2020.
Messari Crypto revealed that up to 11% of all crypto market capitalization was in the custody of Coinbase at the end of last year. Coinbase offers custody services for more than 90 cryptographic assets, almost half of which are tradable on the Coinbase exchange.
The value of assets held in custody with Coinbase reached about $ 90 billion in the fourth quarter of 2020, as the combined crypto capitalization more than doubled to $ 780 billion in 2021.
Coinbase holds 11% of all cryptographic assets https://t.co/THPjyeqIto pic.twitter.com/5YHu6tNjyP
– Messari (@MessariCrypto) March 1, 2021
Despite the wide variety of assets supported by Coinbase Custody, Messari found that Bitcoin and Ethereum account for 83% of the cryptocurrency held with Coinbase.
While Bitcoin consistently accounted for 70% of assets held in custody with Coinbase during 2019 and 2020, Ethereum increased from 9% to 13% in the same period.
The findings were published in a report examining Coinbase’s anticipated public list that was compiled by researcher Mira Christanto de Messari.
Christanto reported that 95% of Coinbase’s trading revenues come from retail customers, who pay 30 times more than institutional customers. It also noted a pre-IPO valuation of 7% of the total crypto market capitalization, which would amount to about $ 107 billion under the industry’s current market capitalization of $ 1.54 trillion.
According to Coinbase’s S-1 report submitted to the Securities and Exchange Commission on February 25, the exchange recorded a direct revenue of $ 1.1 billion in 2020, mainly from trading fees.
In a February 25 blog post to its customers, Coinbase revealed that Bitcoin and other cryptographic assets have made up the bulk of the corporate treasure since the company’s founding in 2012.