Kraken
Major US-based exchange · customer custody · @krakenfx
This is Kraken's custodial cold-wallet stack — roughly $16B in assets the exchange holds for clients, not a house directional bet. Almost two-thirds sits in BTC; the rest is ETH, USDC and a long ERC-20/SPL tail. Read it as reserves and net flows, not conviction.
The desk's read
The $15.96B splits across three chains: bitcoin $10.19B, ethereum $4.10B and solana $707M. BTC alone is about 64% of the book, and every coin here is customer property matched by an equal liability — this is custody, the plumbing of a regulated US venue, not Kraken trading its own view. The right frame is proof-of-reserves and aggregate depth: how much client BTC and ETH the exchange is sitting on, and whether that pile is growing or shrinking.
Composition tells you what the client base actually holds. On Ethereum the ETH token is $1.71B while the chain total is $4.10B — the gap is USDC ($1.17B) plus other ERC-20s, i.e. stablecoin balances and token positions parked for trading. Solana shows the same shape: $707M on-chain against $239M of native SOL, the remainder in SPL tokens and stables. The $210M ZEC line reflects Kraken's long-standing privacy-coin support, and the Miner / Genesis-creditor / DOGE-whale tags mark a deep, legacy retail-and-institutional base rather than any fresh accumulation.
For a desk reading flows, the signal is the delta, not the level. A large BTC balance on a US-regulated exchange is reserve depth and a solvency read — it does not tell you Kraken is bullish. What matters is direction: coins leaving these wallets net over days point to client withdrawals or a cold-storage reshuffle; a steady build in USDC and stables is dry powder sitting on the venue, not yet deployed. Track the aggregate change against peer exchanges before reading anything into a single transfer.
What they hold
Largest token positions on-chain data maps to this entity, by USD value.
| Asset? | Chain? | Value? |
|---|---|---|
| BTC | bitcoin | $10.31B |
| ETH | ethereum | $1.74B |
| USDC | ethereum | $1.13B |
| USDT | tron | $256.6M |
| SOL | solana | $245.2M |
| ZEC | zcash | $202.3M |
| USDG | ethereum | $196.0M |
| USDT | ethereum | $180.5M |
| LINK | ethereum | $173.9M |
| USDT | solana | $135.5M |
How to read a row → BTC · bitcoin · $10.31B: this entity's largest position is $10.31B of BTC held on bitcoin. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| bitcoin | $10.31B |
| ethereum | $4.11B |
| solana | $752.2M |
| tron | $266.0M |
| zcash | $202.3M |
| hyperevm | $95.4M |
How to read a row → bitcoin · $10.31B: $10.31B of the holdings live on bitcoin. Chains are ranked by value, so the top row is where most of the money sits.
Source: aggregated on-chain entity data, cross-checked against Etherscan. Balances are USD-denominated and move with price. Updated 20 Jul 2026.
Not investment advice. Entity labels are on-chain attribution and can be imperfect; a labelled balance may mix personal, treasury and custody wallets. Large balances do not imply intent — some never move.