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Coinbase CEO Says Firm Owns 2 Million Bitcoins, Reminds ‘Folks’s Funds’ – Bitcoin Information

In response to Coinbase CEO Brian Armstrong, as of September 30, 2022, the corporate has 2 million bitcoins value $39.9 billion. The information shared by Armstrong comes at a time when the general public is trying immediately at trade positions following the tumultuous collapse of FTX.

Coinbase Co-Founder Shares Firm’s Q3 Shareholder Letter – Says As of September 30, Firm Owns 2 Million Bitcoin

Two days in the past, Bitcoin.com Information reported on Binance’s forex reserves, and at the moment, the buying and selling platform had near 600,000 bitcoins, in accordance with cryptoquant.com’s measurements. As of November 20, 2022, cryptoquant.com statistics point out that Binance holds roughly 584K bitcoins. On the identical day, information reveals that Coinbase Professional, aka Coinbase Change, holds roughly 532K bitcoins.

Moreover, our information desk additionally reported that Grayscale mentioned its stability sheet, with the fund supervisor noting that “all digital belongings underlying Grayscale’s digital asset merchandise are held within the custody of Coinbase Custody Belief Firm.” Between Coinbase’s totally different companies, comparable to trade and escrow options, the publicly listed firm owns numerous bitcoin (BTC).

On November 22, 2022, Coinbase (Nasdaq: COIN) founder and CEO Brian Armstrong tweeted in regards to the firm’s BTC storage to dispel any “worry, uncertainty and doubt” (FUD). “In case you see FUD on the market – keep in mind our funds are public (we’re a public firm),” Armstrong said on Tuesday. “Now we have ~2M BTC. Price ~$39.9B as of 9/30. Co-founder of Coinbase added:

All of us must unite to construct this trade responsibly sooner or later. Be cautious of false data.

Armstrong additionally shared the corporate’s shareholder letter, which highlights a consolidated checklist of Coinbase belongings. The Coinbase CEO’s Twitter statements observe conversations about proof of reserves and monetary audits.

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

The subject of proof of reserve has gained floor and a handful of exchanges have introduced upcoming proof of reserve audits. For instance, on November 21, 2022, Bitstamp reported that the corporate has been beneath evaluation since 2016.

“Bitstamp Group and our authorized entities have been audited by 4 main worldwide accounting corporations on an annual foundation since 2016,” Bitstamp stated on Monday. “They’ll concern our Proof of Reserve Audit and the corresponding Proof of Dedication. It will present our clients with independently carried out verification of their Bitstamp balances and reassurance that Bitstamp has the belongings to cowl them in full.

Whereas Coinbase World shares are down 82% year-to-date, COIN shares had been up 5.24% simply earlier than the closing bell on Wall Avenue on November twenty second. COIN inventory is presently buying and selling at $43.39 per share as of Tuesday afternoon (ET). “Transparency and fast response is way wanted and appreciated ATM,” one particular person answered to Armstrong’s tweet about Coinbase’s bitcoin holdings on Tuesday.

Marks on this story

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What do you consider Coinbase’s CEO explaining that as of September, the corporate had 2 million bitcoins value $39.9 billion? Tell us what you concentrate on this subject within the feedback part under.

Jamie Redman

Jamie Redman is the information director at Bitcoin.com Information and a monetary know-how journalist primarily based in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open supply and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information about disruptive protocols rising right now.




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