Coinbase retains 11% of all crypto capitalization

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Crypto data aggregator Messari reported that the amount of crypto assets held on US exchange giant Coinbase increased in the last quarter of 2020.

Messari Crypto revealed that up to 11% of the entire crypto market cap was owned by Coinbase at the end of last year. Coinbase offers custody services for more than 90 crypto assets, about half of which are tradable on the Coinbase exchange.

The value of assets held with Coinbase reached around $ 90 billion in the fourth quarter of 2020, with the combined crypto capitalization more than doubling to $ 780 billion by 2021.

Despite the wide variety of assets supported by Coinbase Custody, Messari found that Bitcoin and Ethereum made up 83% of the cryptocurrency owned with Coinbase.

While Bitcoin consistently made up 70% of assets held with Coinbase in 2019 and 2020, Ethereum fell from 9% to 13% over the same period.

The results were published in a report examining Coinbase’s advance public listing which was compiled by Messari researcher Mira Christanto.

Christanto reported that 95% of Coinbase’s trading income comes from retail clients, who pay 30 times more than institutional clients. It also noted a pre-IPO valuation at 7% of the total crypto market cap, which would equate to around $ 107 billion based on the industry’s current market cap of $ 1.54 trillion.

According to the S-1 report that Coinbase submitted to the Securities and Exchange Commission on February 25, the exchange recorded direct income of $ 1.1 billion in 2020, mostly from trading fees.

In a February 25 blog post to its customers, Coinbase revealed that Bitcoin and other crypto assets have been a significant portion of its corporate cash flow since the company was founded in 2012.