According to CoinMeta, Coinbase has risen to third place on the XRP wealth list due to XRPSCAN updating their wallet information. XRPSCAN indicates that Coinbase did not acquire 5.5 billion XRP, but rather ranked third on the wealth list by identifying 146 existing wallets. Although Coinbase seemingly increased their holdings by over 5.5 billion XRP in a short period, this growth was not due to purchases or new transfers; rather, it was because 146 previously unidentified Coinbase wallets were recognized, resulting in the existing XRP balances being combined from "unknown" to the total amount of Coinbase. After the update, Coinbase is associated with approximately 5.68 billion XRP across 152 accounts. XRPSCAN warns that balances on large exchanges typically represent a concentration of customer funds, therefore Coinbase's ranking should be interpreted as a reflection of the assets they manage, rather than the investments they own.