Coinbase CEO Says Company Holds 2 Million Bitcoin, Reminds People Firm’s ‘Financials Are Public’ – Bitcoin News

According to Coinbase CEO Brian Armstrong, as of Sept. 30, 2022, the company holds 2 million bitcoin value $39.9 billion. The information Armstrong shared comes at a time when most of the people is wanting instantly at change balances following FTX’s turbulent collapse.

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

Two days in the past, Bitcoin.com News reported on Binance’s change reserves and on the time the buying and selling platform had near 600,000 bitcoin, in keeping with cryptoquant.com metrics. As of Nov. 20, 2022, cryptoquant.com stats point out that Binance holds roughly 584K bitcoin. On the identical day, data shows that Coinbase Pro, in any other case generally known as Coinbase Exchange, holds roughly 532K bitcoin.

Furthermore, our newsdesk additionally reported on Grayscale discussing its steadiness sheet, because the fund supervisor famous that “all digital assets that underlie Grayscale’s digital asset products are stored under the custody of Coinbase Custody Trust Company.” Between Coinbase’s completely different companies, just like the change and custody options, the publicly-listed company holds a substantial amount of bitcoin (BTC).

On Nov. 22, 2022, Coinbase (Nasdaq: COIN) co-founder and CEO Brian Armstrong tweeted concerning the agency’s BTC stash as a way to dispel any ‘fear, uncertainty, and doubt’ (FUD). “If you see FUD out there – remember, our financials are public (we’re a public company),” Armstrong said on Tuesday. “We hold ~2M BTC. ~$39.9B worth as of 9/30.” The Coinbase co-founder added:

We all want to return collectively to build this business in a accountable approach going ahead. Be cautious of false data.

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

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

The proof-of-reserves matter has gained traction and a handful of exchanges have introduced upcoming proof-of-reserve audits. For occasion, on Nov. 21, 2022, Bitstamp detailed that the company has been audited since 2016.

“Bitstamp Group and our legal entities have been audited by a big four global accounting firm on an annual basis since 2016,” Bitstamp mentioned on Monday. “They will be releasing our proof of reserves audit and the 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 cover them fully.”

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

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Binance, Bitcoin, Bitcoin (BTC), BitStamp, BTC, Coinbase, coinbase bitcoin, Coinbase Brian Armstrong, Coinbase CEO, Coinbase co-founder, coinbase custody, Coinbase Custody Trust Company, Coinbase Pro, cryptoquant.com, Exchange Reserves, grayscale, Proof of Reserves, Stats

What do you concentrate on the Coinbase CEO explaining that as of September the agency held 2 million bitcoin value $39.9 billion? Let us know what you concentrate on this topic within the feedback part under.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News 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 Bitcoin.com News concerning the disruptive protocols rising at present.




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