According to Coinbase CEO Brian Armstrong, as of Sept. 30, 2022, the company holds 2 million bitcoin worth $39.9 billion. Armstrong’s announcement comes at a moment when the public is specifically looking at exchange balances after FTX’s turbulent fall.

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

Two days ago, Bitcoin.com News reported on Binance’s exchange reserves and at the time the trading platform had close to 600,000 bitcoin, according to cryptoquant.com metrics. As of Nov. 20, 2022, cryptoquant.com stats indicate that Binance holds roughly 584K bitcoin. On the same day, data shows that Coinbase Pro, otherwise known as Coinbase Exchange, holds roughly 532K bitcoin.

Furthermore, our newsdesk also reported on Grayscale discussing its balance sheet, as the fund manager noted that “all digital assets that underlie Grayscale’s digital asset products are stored under the custody of Coinbase Custody Trust Company.” Between Coinbase’s different services, like the exchange and custody solutions, the publicly-listed company holds a great deal of bitcoin (BTC).

On Nov. 22, 2022, Coinbase (Nasdaq: COIN) co-founder and CEO Brian Armstrong tweeted about the firm’s BTC stash in order 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 need to come together to build this industry in a responsible way going forward. False information is dangerous.

Armstrong further shared the company’s shareholder letter, which highlights a consolidated list of Coinbase assets. The Coinbase CEO’s statements on Twitter follow the conversations concerning proof-of-reserves and financial audits.

The proof-of-reserves topic has gained traction and a handful of exchanges have announced upcoming proof-of-reserve audits. For instance, 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 said on Monday. They will release our proof of reserves audit as well as the corresponding proof that liabilities. These will give our customers an independent verification of their Bitstamp accounts and the assurance that Bitstamp is able to fully cover them .”

While Coinbase Global shares are down 82% year-to-date, COIN shares gained 5. 24% just before the closing bell on Wall Street on Nov. 22. COIN shares are currently trading for $43. 39 per share on Tuesday afternoon (ET). “The transparency and quick response is much needed and appreciated atm,” one person replied to Armstrong’s tweet about Coinbase’s bitcoin holdings on Tuesday.

What do you think about the Coinbase CEO explaining that as of September the firm held 2 million bitcoin worth $39.9 billion? Please comment below to let us know your thoughts on this topic.

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