The Top 8 Crypto Exchanges by Reserves; Binance Holds a $130.1B War Chest

Binance controls more crypto than any other exchange, holding $130.1 billion in digital assets tracked by Arkham Intelligence, well ahead of the next nine exchanges combined. Coinbase ranks second with $87.96 billion, followed by OKX ($23.21B), Upbit ($19.12B), Robinhood ($18.6B), Bitfinex ($18.59B), Kraken ($16.11B), and Bybit ($13.99B).

Binance’s reserves include 673,071 BTC ($42.8B) and 40.98 billion USDT, with total stablecoins near $58 billion. Its ethereum exposure, including WBETH, exceeds $13.8 billion. Coinbase holds 975,503 BTC ($62.03B) — over 70% of its portfolio — and 4.146 million ETH, the largest ETH position among exchanges tracked. OKX’s top holding is 9.337 billion USDT, ahead of its 124,316 BTC. Upbit relies heavily on bitcoin (188,366 BTC) and holds meme coins like DOGE and SHIB.

Robinhood distinguishes itself with 27.886 billion DOGE ($2.14B) and a large PEPE stack. Bitfinex holds 163,598 BTC but its second-largest asset is its own token LEO ($6.18B), seven times its ETH stack. Kraken holds 163,033 BTC and 396,027 ZEC, a significant privacy coin position. Bybit’s third-largest holding is 2.517 billion MNT, the Mantle network token.

All eight exchanges hold at least 40% of reserves in bitcoin, ethereum, or a major stablecoin, indicating concentration risk. Address counts vary widely: Coinbase (68.5M) and Binance (64.4M) lead, while Robinhood has only 1.6 million addresses despite ranking fifth in value. This gap shows dollar holdings and user base do not move in lockstep, a factor for traders assessing exchange health.

Source: https://news.bitcoin.com/the-top-8-crypto-exchanges-by-reserves-binance-holds-a-130-1b-war-chest/