Coinbase saw tremendous growth in 2020 as Bitcoin rebounded towards the end of the year.
New figures posted on Coinbase’s About page on Friday show the exchange now has over $ 90 billion in assets on the platform and 43 million registered users. An Internet archive snapshot from just last week shows a fortune of $ 25 billion on the platform, though it is unclear when that data was collected.
The updated figures were collected by Coinbase as part of the 2020 reporting year and are current as of December 31, 2020.
“In this report, we take you on a comprehensive tour of the crypto asset class and share our unique perspective on how and why these institutions interact with the market,” wrote Coinbase Institutional’s Brian Foster on the cover letter of the report.
The surge in Coinbase’s assets is likely being driven by companies like MicroStrategy, Ruffer Investment, and other institutions that have been using the exchange’s prime brokerage service to make large Bitcoin purchases in recent months.
Assets controlled by Coinbase Custody accounted for “more than 50%” of the total of $ 90 billion, the report said. Coinbase conducted “single trades over $ 1 billion for some of the largest institutions in the world.”
Coinbase’s update is about to have an expected public listing. Investment bank Goldman Sachs is reportedly partnering with the firm on its Wall Street debut.
