According to Coinbase CEO Brian Armstrong, as of September 30, 2022, the company holds 2 million bitcoins worth $39.9 billion. The news shared by Armstrong comes at a time when the general public is looking directly at exchange balances after the turbulent FTX collapse.
Coinbase co-founder shares the company’s third quarter shareholder letter – it states that as of September 30, the company holds 2 million bitcoins.
As of November 20, 2022, stats from cryptoquant.com show that Binance holds about 584,000 bitcoins. On the same day, data shows that Coinbase Pro, otherwise known as Coinbase Exchange, holds about 532,000 bitcoins.
In addition, Grayscale discussed 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 holds a large amount of bitcoins.
If you see FUD out there – remember, our financials are public (we’re a public company) https://t.co/ayzN0zaqgT
– Brian Armstrong (@brian_armstrong) November 22, 2022
On November 22, 2022, Brian Armstrong, the company’s co-founder and CEO, announced on Twitter that the company was building a quality management system to dispel any “fear, uncertainty and doubt” (FUD). “If you see any FUD out there – remember, our finances are public (we’re a public company)“, Armstrong said. said Tuesday. “We hold ~2M BTC. ~$39.9 billion as of September 30“. Coinbase co-founder added:
We all need to come together to build this industry responsibly in the future. Beware of misinformation.
Brian Armstrong also shared the company’s willingness to shareholder letter, which highlights a consolidated list of Coinbase’s assets. The Coinbase CEO’s statements on Twitter follow conversations about proof of reserves and financial audits.
The topic of proof of reserve 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 a big four global accounting firm on an annual basis since 2016“, Bitstamp said Monday. “They will publish our proof of reserves audit and corresponding proof of liability. These will provide our customers with an independently conducted audit of their Bitstamp balances, and assurance that Bitstamp has the assets to fully cover them.“
While Coinbase Global shares are down 82% year-to-date, COIN shares gained 5.24% just before the close of Wall Street on November 22. COIN shares are currently trading at $43.39 per share Tuesday afternoon (ET). “Transparency and quick response are much needed and appreciated at this time“, said one person. replied to Armstrong’s tweet about Coinbase’s bitcoin holdings on Tuesday.
The transparency and quick response is much needed and appreciated atm.
– Justin Trimble (@justintrimble) November 22, 2022