According to Coinbase CEO Brian Armstrong, as of September 30, 2022, the company holds 2 million bitcoins worth $39.9 billion. Armstrong’s news comes as the general public looks directly at current account balances after the tumultuous collapse of the FTC.
Coinbase Co-Founder Shares Company’s Q3 Shareholder Letter — Firm Has 2 Million Bitcoins As of September 30
Two days ago, Bitcoin.com News reported on Binance’s currency reserves, which at the time were close to 600,000 bitcoins, according to kriptoquant.com. As of November 20, 2022, kryptoquant.com statistics show that Binance has approximately 584K bitcoins. On that day, data showed that Coinbase Pro, also known as Coinbase Exchange, held about 532K bitcoins.
In addition, our news desk reported when discussing the balance sheet at Grayscale, as the fund manager noted that “all digital assets underlying Grayscale’s digital asset products are held under the custody of Coinbase Custody Trust Company.” Among Coinbase’s various services, such as exchange and storage solutions, the publicly listed company holds a lot of bitcoin (BTC).
On November 22, 2022, Coinbase (Nasdaq: COIN ) co-founder and CEO Brian Armstrong tweeted that the firm was holding BTC to eliminate any “fear, uncertainty, and doubt” (FUD). “If you see FUD out there — remember, our financials are public (we’re a public company),” Armstrong said he said Tuesday. “We hold ~2 million BTC. Worth ~$39.9 billion as of September 30.” Co-founder of Coinbase he added:
We all need to come together to build this industry in a responsible way into the future. Beware of false information.
Armstrong later shared the company’s shareholder letter highlighting the consolidated listing of Coinbase assets. The Coinbase CEO’s Twitter comments follow talk of proof of reserves and financial audits.
The topic of proof of reserves has gained attention, and a handful of exchanges have announced upcoming proof-of-reserve audits. For example, on November 21, 2022, Bitstamp detailed that the company had been under investigation 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 provide evidence of our reserve audit and appropriate evidence of liabilities. These will provide our customers with independent verification of their Bitstamp balances and reassurance that Bitstamp has the assets to fully cover them.”
While Coinbase Global shares are down 82% year-to-date, COIN shares are up 5.24% just before the closing bell on Wall Street on November 22nd. COIN stock is currently trading at $43.39 per share as of Tuesday afternoon (ET). “Transparency and quick response is much needed and appreciated atm” one person he answered to Armstrong’s Tuesday tweet about Coinbase’s bitcoin holdings.
What do you think of Coinbase’s CEO explaining that the firm held 2 million bitcoins, worth $39.9 billion, as of September? Let us know what you think about this topic in the comments section below.
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