Key facts
- Coinbase's XRP holdings were clarified by XRPScan following a labeling update.
- 146 previously unidentified Coinbase wallets were labeled, increasing the exchange's recognized XRP stack.
- Coinbase now holds 5.68 billion XRP across 152 accounts, making it the third-largest holder.
- The update corrected speculation of a large XRP purchase, confirming the tokens were already in Coinbase's possession.
- The holdings are considered customer and custody inventory, not a direct Coinbase treasury bid.
On September 8, 2026, on-chain bots registered a significant XRP inflow to Coinbase wallets, which was initially interpreted as a large purchase. However, XRPScan, a blockchain explorer, clarified that this was not an acquisition but a labeling update for 146 previously unidentified Coinbase wallets. These tokens were already in Coinbase's possession.
The XRP Rich List Bot's log showed an increase of over 5.5 billion XRP for Coinbase, alongside a near-identical decrease from an 'Unknown' bucket. XRPScan confirmed this was a re-tagging event, not a settlement of new tokens. This is not the first time XRPScan has had to correct mislabeling, having previously debunked claims of Elon Musk holding large XRP positions.
Following the update, Coinbase's recognized XRP holdings amount to 5.68 billion tokens across 152 accounts, representing approximately 5.684% of the total XRP supply. This positions Coinbase as the third-largest XRP holder on the rich list, behind Ripple (35.70 billion XRP) and Upbit (6.416 billion XRP). Binance ranks fourth with 2.608 billion XRP.
XRPScan noted that Coinbase frequently moves funds to new wallets, and cold-wallet detection is a manual process, leading to a growing count of labeled addresses. Investors are advised to view this figure as custody data and exchange reserves, similar to a proof-of-reserves report, rather than an indicator of demand or treasury buying. The exchange's constant rotation of coins into new addresses means labeled counts can fluctuate while the total controlled float remains substantial. Wrapped XRP on Base (cbXRP) is a separate, smaller reserve.