`which conda` doesn't output a path

I think which conda should output the path to the binary, but instead I get this:

$ which conda
conda () {
    if [ "$#" -lt 1 ]
    then
        "$CONDA_EXE" $_CE_M $_CE_CONDA
    else
        local cmd="$1"
        shift
        case "$cmd" in
            (activate | deactivate) __conda_activate "$cmd" "$@" ;;
            (install | update | upgrade | remove | uninstall) CONDA_INTERNAL_OLDPATH="${PATH}" 
                __add_sys_prefix_to_path
                "$CONDA_EXE" $_CE_M $_CE_CONDA "$cmd" "$@"
                local t1=$?
                PATH="${CONDA_INTERNAL_OLDPATH}" 
                if [ $t1 = 0 ]
                then
                    __conda_reactivate
                else
                    return $t1
                fi ;;
            (*) CONDA_INTERNAL_OLDPATH="${PATH}" 
                __add_sys_prefix_to_path
                "$CONDA_EXE" $_CE_M $_CE_CONDA "$cmd" "$@"
                local t1=$?
                PATH="${CONDA_INTERNAL_OLDPATH}" 
                return $t1 ;;
        esac
    fi
}

Do you know how to fix this?

conda install