Tuesday, November 22, 2022
HomeBitcoinCoinbase CEO Says Firm Holds 2 Million Bitcoin, Reminds Folks Agency’s ‘Financials...

Coinbase CEO Says Firm Holds 2 Million Bitcoin, Reminds Folks Agency’s ‘Financials Are Public’ – Bitcoin Information

Based on Coinbase CEO Brian Armstrong, as of Sept. 30, 2022, the corporate holds 2 million bitcoin price $39.9 billion. The information Armstrong shared comes at a time when most of the people is wanting instantly at alternate balances following FTX’s turbulent collapse.

Coinbase Co-Founder Shares Firm’s Q3 Shareholder Letter — Says as of Sept. 30, Agency Holds 2 Million Bitcoin

Two days in the past, Bitcoin.com Information reported on Binance’s alternate reserves and on the time the buying and selling platform had near 600,000 bitcoin, based on cryptoquant.com metrics. As of Nov. 20, 2022, cryptoquant.com stats point out that Binance holds roughly 584K bitcoin. On the identical day, information reveals that Coinbase Professional, in any other case referred to as Coinbase Alternate, holds roughly 532K bitcoin.

Moreover, our newsdesk additionally reported on Grayscale discussing its steadiness sheet, because the fund supervisor famous that “all digital belongings that underlie Grayscale’s digital asset merchandise are saved beneath the custody of Coinbase Custody Belief Firm.” Between Coinbase’s totally different companies, just like the alternate and custody options, the publicly-listed firm holds quite a lot of bitcoin (BTC).

On Nov. 22, 2022, Coinbase (Nasdaq: COIN) co-founder and CEO Brian Armstrong tweeted concerning the agency’s BTC stash so as to dispel any ‘concern, uncertainty, and doubt’ (FUD). “In the event you see FUD on the market – keep in mind, our financials are public (we’re a public firm),” Armstrong mentioned on Tuesday. “We maintain ~2M BTC. ~$39.9B price as of 9/30.” The Coinbase co-founder added:

All of us want to come back collectively to construct this trade in a accountable method going ahead. Be cautious of false data.

Armstrong additional shared the corporate’s shareholder letter, which highlights a consolidated listing of Coinbase belongings. The Coinbase CEO’s statements on Twitter comply with the conversations regarding proof-of-reserves and monetary audits.

Screenshot shared on Twitter by Coinbase CEO Brian Armstrong on Nov. 22, 2022.

The proof-of-reserves subject has gained traction and a handful of exchanges have introduced upcoming proof-of-reserve audits. As an example, on Nov. 21, 2022, Bitstamp detailed that the corporate has been audited since 2016.

“Bitstamp Group and our authorized entities have been audited by a giant 4 world accounting agency on an annual foundation since 2016,” Bitstamp mentioned on Monday. “They are going to be releasing our proof of reserves audit and the corresponding proof of liabilities. These will present our clients with an independently carried out verification of their Bitstamp balances, and the peace of mind that Bitstamp has the belongings to cowl them absolutely.”

Whereas Coinbase International shares are down 82% year-to-date, COIN shares gained 5.24% simply earlier than the closing bell on Wall Avenue on Nov. 22. COIN shares are at the moment buying and selling for $43.39 per share on Tuesday afternoon (ET). “The transparency and fast response is way wanted and appreciated atm,” one particular person replied to Armstrong’s tweet about Coinbase’s bitcoin holdings on Tuesday.

Tags on this story
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What do you concentrate on the Coinbase CEO explaining that as of September the agency held 2 million bitcoin price $39.9 billion? Tell us what you concentrate on this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information concerning the disruptive protocols rising at this time.

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