Key Takeaways
- Binance holds $130.1B in tracked assets, more than Coinbase and OKX combined, per Arkham.
- Coinbase’s 4.146M ETH edges out Binance’s 4.09M ETH for the top ethereum position.
- Bitfinex holds $6.18B in LEO, its own token, outweighing its ETH stack sevenfold.
That figure puts Binance well ahead of the next nine exchanges combined in some categories, according to portfolio data pulled from Arkham’s blockchain analytics platform. The rankings, logged on July 6, 2026, based on real-time wallet balances rather than self-reported figures, give traders a rare look at exactly what sits behind each exchange’s reserves.
Numbers like these rarely get much scrutiny beyond a headline total. Bitcoin.com News dug into the wallet-level breakdowns behind eight major exchanges to see what those totals are actually made of, and the answers vary more than most people would guess.
Binance
Binance’s $130.1 billion war chest starts with bitcoin. The exchange holds 673,071 BTC worth $42.8 billion, more than any other exchange tracked in this review. But the real story sits one line down. Binance is holding 40.98 billion USDT, a stablecoin balance so large it dwarfs the market cap of most top 20 crypto assets outright.
Add in 7.68 billion USDC and roughly $6 billion more spread across USD1 and USYC, and Binance is sitting on close to $58 billion in dollar-pegged tokens alone. Its ethereum position tells its own story too. Between 4.09 million ETH and 3.306 million WBETH, a wrapped staked ether derivative, Binance’s total ether exposure edges past $13.8 billion. Arkham’s explorer tracks 64.4 million addresses tied to the exchange, a footprint matched by only one other platform in this review.
Coinbase
Coinbase’s $87.96 billion in tracked assets leans hard on bitcoin, with 975,503 BTC worth $62.03 billion making up more than 70% of the exchange’s entire portfolio. What sets Coinbase apart from Binance is what comes next. Coinbase holds 4.146 million ETH worth $7.41 billion, edging out Binance’s native ETH position and making Coinbase the largest single holder of ethereum among the exchanges written about in this editorial.
The exchange also carries 11.69 billion USDC, Circle’s stablecoin, plus smaller positions in solana ( SOL), chainlink (LINK) and a notable 1.181 million zcash (ZEC) stake worth $531.07 million. Arkham lists 68.5 million addresses linked to Coinbase, the largest address count in this entire review.
OKX
OKX holds $23.21 billion in tracked assets, and unlike Binance or Coinbase, its biggest bet is not bitcoin. OKX’s largest position is 9.337 billion USDT, worth $9.34 billion, ahead of its 124,316 BTC stack worth $7.92 billion.
The exchange rounds out its top holdings with 1.193 million ETH worth $2.13 billion and a combined $1.45 billion spread across USDC and USDG. Arkham tracks 29.4 million addresses connected to OKX on July 6, 2026.
Upbit
South Korea’s largest crypto exchange Upbit holds $19.12 billion in tracked assets, and bitcoin does the heavy lifting. The Seoul-based exchange holds 188,366 BTC worth $11.97 billion, close to two-thirds of its entire portfolio.
Behind that sits 1.713 million ETH worth $3.06 billion and a retail-flavored tail of dogecoin (DOGE) and shiba inu ( SHIB), alongside Ondo Finance tokens that point to an active South Korean trading base chasing both meme coins and tokenized real-world assets ( RWAs). Arkham tracks 2.6 million addresses tied to Upbit.
Robinhood
Robinhood holds $18.6 billion in tracked assets, led by 189,849 BTC worth $12.07 billion and 1.672 million ETH worth $2.99 billion. Where Robinhood stands apart is meme coin exposure.
The brokerage’s crypto arm holds 27.886 billion DOGE worth $2.14 billion, the largest dogecoin position of any exchange in the top eight, plus a sizable SHIB stack and 38.616 trillion PEPE, a token that barely registers anywhere else on this list. Arkham tracks just 1.6 million addresses linked to Robinhood, the smallest footprint in this review, despite its multibillion-dollar reserve.
Bitfinex
Bitfinex holds $18.59 billion in tracked assets, led by 163,598 BTC worth $10.42 billion. But Bitfinex’s second biggest holding is not ethereum ( ETH).
It is LEO, the exchange’s own token, and the position is worth $6.18 billion, more than seven times larger than Bitfinex’s 470,476 ETH stack. Bitfinex also carries 53,222 XAUT, a tokenized gold asset worth $220.96 million and not held in any meaningful size by any other exchange in this review.
Kraken
Kraken holds $16.11 billion in tracked assets, led by 163,033 BTC worth $10.37 billion and 962,974 ETH worth $1.72 billion. Kraken keeps a diversified stablecoin book across USDC and USDT, but the standout detail is 396,027 ZEC worth $178.03 million, a zcash position that puts Kraken alongside Coinbase as one of the only major exchanges holding a privacy coin in size.
Arkham tracks 7.1 million addresses tied to Kraken overall.
Bybit
Bybit holds $13.99 billion in tracked assets, led by 4.414 billion USDT worth $4.41 billion and 60,013 BTC worth $3.82 billion.
Its third biggest position is 2.517 billion MNT, the native token of the Mantle network, worth $1.11 billion, a chain closely tied to Bybit’s ecosystem. Arkham tracks 17.4 million addresses connected to Bybit.
What This Means for Traders
For traders and investors tracking exchange health, the biggest signal is concentration risk. All eight exchanges hold at least 40% of their reserves in bitcoin, ethereum or a major stablecoin, a sign that most platforms still lean on the same three asset categories regardless of their size or regional base.
The address counts tracked by Arkham also point to a divide between reach and reserve size. Coinbase and Binance lead with 68.5 million and 64.4 million addresses, respectively, while Robinhood holds the smallest address count in the group at 1.6 million despite ranking fifth by total dollar value.
That gap shows dollar holdings and user base size do not move in lockstep across the industry, a distinction worth watching as exchanges compete for both liquidity and market share heading into the next stage of the cycle. For traders sizing up where the real money sits, the totals tell only part of the story. What each exchange chooses to hold, and how concentrated those holdings are, tells the rest.
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