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

In keeping with 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 trade 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, Information reported on Binance’s trade reserves and on the time the buying and selling platform had near 600,000 bitcoin, in line with metrics. As of Nov. 20, 2022, stats point out that Binance holds roughly 584K bitcoin. On the identical day, knowledge exhibits that Coinbase Professional, in any other case referred to as Coinbase Trade, holds roughly 532K bitcoin.

Moreover, our newsdesk additionally reported on Grayscale discussing its steadiness sheet, because the fund supervisor famous that “all digital property that underlie Grayscale’s digital asset merchandise are saved below the custody of Coinbase Custody Belief Firm.” Between Coinbase’s completely different providers, just like the trade and custody options, the publicly-listed firm holds a substantial amount of bitcoin (BTC).

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

All of us want to return collectively to construct this trade in a accountable means going ahead. Be cautious of false data.

Armstrong additional shared the corporate’s shareholder letter, which highlights a consolidated checklist of Coinbase property. 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. For 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 stated 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 performed verification of their Bitstamp balances, and the peace of mind that Bitstamp has the property 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 Road on Nov. 22. COIN shares are at present buying and selling for $43.39 per share on Tuesday afternoon (ET). “The transparency and fast response is way wanted and appreciated atm,” one individual replied to Armstrong’s tweet about Coinbase’s bitcoin holdings on Tuesday.

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

Jamie Redman

Jamie Redman is the Information Lead at Information and a monetary tech journalist dwelling in Florida. Redman has been an lively 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 Information in regards to the disruptive protocols rising at the moment.

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