Coinbase CEO Says Company Has 2 Million Bitcoins, Reminds People Firm’s “Financials are Public”
Brian Armstrong, Coinbase CEO, stated that the company had 2 million bitcoins worth $39.9 trillion as of September 30, 2022. Armstrong shared the news at a time when people are looking at exchange balances after the FTX’s chaotic collapse.
Coinbase Co-Founder Shares Company Q3 Shareholder Letter — Says as at Sept. 30, Firm Holds 2,000,000 Bitcoin
Bitcoin.com News reported two days ago on Binance’s currency reserves. According to cryptoquant.com metrics, the trading platform had 600,000 bitcoin at the time. According to cryptoquant.com stats, Binance has approximately 584K bitcoin as of Nov. 20, 2022 Coinbase Pro, also known as Coinbase Exchange, has approximately 532K bitcoin.
Our newsdesk also reported Grayscale’s balance sheet. Grayscale’s fund manager stated that all digital assets that underlie Grayscale digital asset products are kept under the custody of Coinbase Custody Trust Company. The publicly-listed company has a lot of bitcoin (BTC) between its various services like the exchange and custody solutions.
Coinbase (Nasdaq : COIN), CEO Brian Armstrong tweeted about Coinbase’s BTC stash on Nov. 22, 2022 to dispel any fear, uncertainty, or doubt (FUD). Armstrong stated on Tuesday that FUD is possible because our financials are publicly available (we’re public companies). “We have 2M BTC. As of 9/30, $39.9B in value. Coinbase co-founder, added:
All of us need to work together to ensure that this industry is built in a responsible manner. Be aware of false information.
Armstrong also shared the company’s shareholder letters, which highlight a consolidated list highlighting Coinbase assets. Twitter conversations regarding proof-of-reserves, financial audits, and Coinbase CEO’s statements are being followed by the Coinbase CEO.
A few exchanges have announced that they will be performing proof-of reserve audits. Bitstamp, for instance, announced that Bitstamp has been audited every year since 2016.
Bitstamp stated Monday that Bitstamp Group and its legal entities had been audited on an annual basis by a large four global accounting firm since 2016. “They will release our proof of reserves audit as well as the corresponding proofs of liabilities. These will give our customers an independent verification of their Bitstamp accounts and the assurance that Bitstamp has sufficient assets to cover them fully.
Coinbase Global shares are down 82% over the past year, but COIN shares gained 5.24% just before the close of Wall Street on Nov. 22. COIN shares trade at $43.39 per share Tuesday afternoon (ET). “The transparency and prompt response is much needed atm,” Armstrong tweeted about Coinbase’s bitcoin holdings.
What do you think of Coinbase CEO, who explained that the company had 2 million bitcoins worth $39.9billion as of September? Comment below to let us know your thoughts on this topic.