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

According to Coinbase CEO Brian Armstrong, arsenic of Sept. 30, 2022, the institution holds 2 cardinal bitcoin worthy $39.9 billion. The quality Armstrong shared comes astatine a clip erstwhile the wide nationalist is looking straight astatine speech balances pursuing FTX’s turbulent collapse.

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

Two days ago, Bitcoin.com News reported connected Binance’s speech reserves and astatine the clip the trading level had adjacent to 600,000 bitcoin, according to cryptoquant.com metrics. As of Nov. 20, 2022, cryptoquant.com stats bespeak that Binance holds astir 584K bitcoin. On the aforesaid day, data shows that Coinbase Pro, different known arsenic Coinbase Exchange, holds astir 532K bitcoin.

Furthermore, our newsdesk besides reported connected Grayscale discussing its equilibrium sheet, arsenic the money manager noted that “all integer assets that underlie Grayscale’s integer plus products are stored nether the custody of Coinbase Custody Trust Company.” Between Coinbase’s antithetic services, similar the speech and custody solutions, the publicly-listed institution holds a large woody of bitcoin (BTC).

On Nov. 22, 2022, Coinbase (Nasdaq: COIN) co-founder and CEO Brian Armstrong tweeted astir the firm’s BTC stash successful bid to dispel immoderate ‘fear, uncertainty, and doubt’ (FUD). “If you spot FUD retired determination – remember, our financials are nationalist (we’re a nationalist company),” Armstrong said connected Tuesday. “We clasp ~2M BTC. ~$39.9B worthy arsenic of 9/30.” The Coinbase co-founder added:

We each request to travel unneurotic to physique this manufacture successful a liable mode going forward. Be wary of mendacious information.

Armstrong further shared the company’s shareholder letter, which highlights a consolidated database of Coinbase assets. The Coinbase CEO’s statements connected Twitter travel the conversations concerning proof-of-reserves and fiscal audits.

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

The proof-of-reserves taxable has gained traction and a fistful of exchanges person announced upcoming proof-of-reserve audits. For instance, connected Nov. 21, 2022, Bitstamp elaborate that the institution has been audited since 2016.

“Bitstamp Group and our ineligible entities person been audited by a large 4 planetary accounting steadfast connected an yearly ground since 2016,” Bitstamp said connected Monday. “They volition beryllium releasing our impervious of reserves audit and the corresponding impervious of liabilities. These volition supply our customers with an independently conducted verification of their Bitstamp balances, and the assurance that Bitstamp has the assets to screen them fully.”

While Coinbase Global shares are down 82% year-to-date, COIN shares gained 5.24% conscionable earlier the closing doorbell connected Wall Street connected Nov. 22. COIN shares are presently trading for $43.39 per stock connected Tuesday day (ET). “The transparency and speedy effect is overmuch needed and appreciated atm,” 1 idiosyncratic replied to Armstrong’s tweet astir Coinbase’s bitcoin holdings connected Tuesday.

What bash you deliberation astir the Coinbase CEO explaining that arsenic of September the steadfast held 2 cardinal bitcoin worthy $39.9 billion? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.