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According to Coinbase CEO Brian Armstrong, as of September 30, 2022, the company owns 2 million bitcoins worth $39.9 billion. The news Armstrong shared comes at a time when the public is looking directly at currency balance sheets following FTX’s turbulent collapse.
Two days ago, Bitcoin.com News reported on Binance’s currency reserves and at that time, the trading platform had close to 600,000 bitcoins, according to cryptoquant.com measurements. As of November 20, 2022, cryptoquant.com statistics indicate that Binance holds approximately 584K bitcoin. On the same day, data shows that Coinbase Pro, otherwise known as Coinbase Exchange, has approximately 532K bitcoin.
Furthermore, our news desk also reported on Grayscale discussing its balance sheet, as the fund manager noted that “all digital assets underlying Grayscale’s digital asset products are stored in the custody of Coinbase Custody Trust Company.” Between Coinbase’s various services, such as exchange and custody solutions, the publicly traded company has a lot of bitcoin (BTC).
On November 22, 2022, Coinbase (Nasdaq: COIN) co-founder and CEO Brian Armstrong tweeted about the firm’s BTC holdings to dispel any “fear, uncertainty and doubt” (FUD). “If you see FUD out there – remember our finances are public (we’re a public company),” Armstrong so on Tuesday. “We hold ~2M BTC. ~$39.9B worth as of 9/30.” Coinbase co-founder added:
We must all come together to build this industry in a responsible way going forward. Be careful with false information.
Armstrong further shared the company’s shareholder letter, which highlights a consolidated list of Coinbase assets. The Coinbase CEO’s statements on Twitter follow talks about proof-of-reserves and financial audits.
The proof-of-reserve topic has gained traction and a handful of exchanges have announced upcoming proof-of-reserve audits. For example, on November 21, 2022, Bitstamp detailed that the company has been audited since 2016.
“Bitstamp Group and our legal entities have been audited by four major global accounting firms on an annual basis since 2016,” Bitstamp said on Monday. “They will release our audit of Proof of Reserves and corresponding Proof of Liabilities. These will provide our customers with an independently conducted verification of their Bitstamp balances, and the assurance that Bitstamp has the assets to fully cover them.”
While Coinbase Global shares are down 82% year-to-date, COIN shares were up 5.24% just before the closing bell on Wall Street on November 22. COIN stock is currently trading at $43.39 per share on Tuesday afternoon (ET). “Transparency and quick response are much needed and appreciated ATM,” one person black to Armstrong’s tweet about Coinbase’s bitcoin holdings on Tuesday.
What do you think of Coinbase CEO explaining that as of September, the firm had 2 million bitcoins worth $39.9 billion? Let us know what you think about this topic in the comments section below.
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