According to Coinbase CEO Brian Armstrong, September As of day 1. On March 30, 2022, the company holds his 2 million bitcoins worth $39.9 billion. The news Armstrong shared came as the public took a first-hand look at exchange balances following the violent collapse of FTX.
Coinbase co-founder shares company’s third quarter shareholder letter — says company holds 2 million bitcoins as of September 30
There were nearly 600,000 bitcoins on the trading platform at the time, according to cryptoquant.com metrics. As of November 20, 2022, cryptoquant.com stats show that Binance holds around 584,000 Bitcoins. Data from the same day shows that Coinbase Pro, also known as Coinbase Exchange, holds around 532K bitcoins.
Further, as the fund manager noted, “All digital assets underlying Grayscale’s digital asset products are held under the custody of Coinbase Custody Trust Company.” , our news desk also reported that Grayscale is in talks about its balance sheet. Among Coinbase’s various services, such as exchanges and custody solutions, listed companies hold a large amount of Bitcoin (BTC).
On November 22, 2022, Coinbase (Nasdaq: COIN) co-founder and CEO Brian Armstrong tweeted about the company’s stash of BTC. and Fear, Uncertainty and Doubt” (FUD). “If you see FUD, remember: our finances are public (we are a public company),” Armstrong said Tuesday. “We hold about 2 million BTC, worth $39.9 billion as of 9/30.” Coinbase co-founder added:
We all need to come together to build this industry in a responsible way. Beware of false information.
Armstrong also shared the company’s shareholder letter highlighting Coinbase’s consolidated list of assets. Coinbase’s CEO’s statement on his Twitter follows a conversation about reserve proofs and financial audits.
exchanges have announced their upcoming proof of reserve audits. For example, on November 21, 2022, Bitstamp detailed that the company has been audited since his 2016.
,” he said Bitstamp on Monday. “They will be announcing a proof of reserve audit and a corresponding proof of liability, which will provide customers with an independently conducted verification of their Bitstamp balances, ensuring that Bitstamp has the assets to fully cover them.
Coinbase Global’s share price is down 82% year-to-date, whileCOIN’s share price fell on Wall Street on November 22nd. It was up 5.24% just before the close of trading on . COIN’s stock price is currently at $43.39 per share as of Tuesday afternoon (ET). “Transparency and rapid response are very much needed and greatly appreciated,” one replied to Armstrong’s tweet on Coinbase’s Bitcoin holdings on Tuesday.
What are your thoughts on Coinbase’s CEO explaining that he had 2 million Bitcoins worth $39.9 billion as of September? Let us know your thoughts on the matter in the comments section below.
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