{"id":14728,"date":"2022-11-23T06:09:05","date_gmt":"2022-11-23T06:09:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/coinbase-ceo-says-company-holds-2-million-bitcoin-reminds-people-firms-financials-are-public-bitcoin-news\/"},"modified":"2022-11-23T06:09:05","modified_gmt":"2022-11-23T06:09:05","slug":"coinbase-ceo-says-company-holds-2-million-bitcoin-reminds-people-firms-financials-are-public-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinbase-ceo-says-company-holds-2-million-bitcoin-reminds-people-firms-financials-are-public-bitcoin-news\/","title":{"rendered":"Coinbase CEO Says Company Holds 2 Million Bitcoin, Reminds People Firm\u2019s \u2018Financials Are Public\u2019 \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to Coinbase CEO Brian Armstrong, as of Sept. 30, 2022, the company holds 2 million bitcoin worth $39.9 billion. The news Armstrong shared comes at a time when the general public is looking directly at exchange balances following FTX\u2019s turbulent collapse.<\/strong><\/p>\n

Coinbase Co-Founder Shares Company\u2019s Q3 Shareholder Letter \u2014 Says as of Sept. 30, Firm Holds 2 Million Bitcoin<\/h2>\n

Two days ago, Bitcoin.com News reported<\/a> on Binance\u2019s 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<\/a> indicate that Binance holds roughly 584K bitcoin. On the same day, data shows<\/a> that Coinbase Pro, otherwise known as Coinbase Exchange, holds roughly 532K bitcoin.<\/p>\n

Furthermore, our newsdesk also reported<\/a> on Grayscale discussing its balance sheet, as the fund manager noted that \u201call digital assets that underlie Grayscale\u2019s digital asset products are stored under the custody of Coinbase Custody Trust Company.\u201d Between Coinbase\u2019s different services, like the exchange and custody solutions, the publicly-listed company holds a great deal of bitcoin (BTC<\/a>).<\/p>\n

On Nov. 22, 2022, Coinbase (Nasdaq: COIN<\/a>) co-founder and CEO Brian Armstrong tweeted about the firm\u2019s BTC<\/a> stash in order to dispel any \u2018fear, uncertainty, and doubt\u2019 (FUD). \u201cIf you see FUD out there \u2013 remember, our financials are public (we\u2019re a public company),\u201d Armstrong said<\/a> on Tuesday. \u201cWe hold ~2M BTC<\/a>. ~$39.9B worth as of 9\/30.\u201d The Coinbase co-founder added<\/a>:<\/p>\n

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We all need to come together to build this industry in a responsible way going forward. Be wary of false information.<\/p>\n<\/blockquote>\n

Armstrong further shared the company\u2019s shareholder letter,<\/a> which highlights a consolidated list of Coinbase assets. The Coinbase CEO\u2019s statements on Twitter follow the conversations<\/a> concerning proof-of-reserves and financial audits.<\/p>\n

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Screenshot shared on Twitter by Coinbase CEO Brian Armstrong on Nov. 22, 2022.<\/figcaption><\/figure>\n

The proof-of-reserves topic has gained traction<\/a> and a handful of exchanges have announced<\/a> upcoming proof-of-reserve audits. For instance, on Nov. 21, 2022, Bitstamp detailed that the company has been audited since 2016.<\/p>\n

\u201cBitstamp Group and our legal entities have been audited by a big four global accounting firm on an annual basis since 2016,\u201d Bitstamp said on Monday. \u201cThey 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.\u201d<\/p>\n

While Coinbase Global shares are down 82% year-to-date, COIN shares<\/a> 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). \u201cThe transparency and quick response is much needed and appreciated atm,\u201d one person replied<\/a> to Armstrong\u2019s tweet about Coinbase\u2019s bitcoin holdings on Tuesday.<\/p>\n

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

What do you think about the Coinbase CEO explaining that as of September the firm held 2 million bitcoin worth $39.9 billion? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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