Coinbase saw whopping growth in 2020 as bitcoin rallied to close out the year.
New numbers published on the Coinbase “About” page Friday show the exchange now has over $90 billion in assets on platform and over 43 million registered users. An Internet Archive snapshot from as recently as last week shows $25 billion in assets on platform though it’s unclear when that data was collected.
The updated figures were collected as part of Coinbase’s 2020 year in review and are current as of Dec. 31, 2020.
“In this report, we take you on a comprehensive tour of the crypto asset class, sharing our unique perspective on how and why these institutions are engaging with the market,” Coinbase Institutional’s Brian Foster wrote in the report’s cover letter.
Coinbase’s asset surge is likely driven by the likes of MicroStrategy, Ruffer Investment and other institutions that have used the exchange’s prime brokerage service to make large bitcoin buys in recent months.
Assets under the control of Coinbase Custody accounted for “more than 50%” of the $90 billion total, the report states, adding that Coinbase executed “single trades exceeding $1 billion for some of the largest institutions in the world.”
The update from Coinbase comes ahead of an expected public listing. Investment bank Goldman Sachs is reportedly working with the firm on its Wall Street debut.
This is a developing story and will be updated.