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In line with Coinbase CEO Brian Armstrong, as of Sept. 30, 2022, the corporate holds 2 million bitcoin value $39.9 billion. The information Armstrong shared comes at a time when most of the people is trying instantly at change balances following FTX’s turbulent collapse.
Coinbase Co-Founder Shares Firm’s Q3 Shareholder Letter — Says as of Sept. 30, Agency Holds 2 Million Bitcoin
Two days in the past, Bitcoin.com Information reported on Binance’s change reserves and on the time the buying and selling platform had near 600,000 bitcoin, based on cryptoquant.com metrics. As of Nov. 20, 2022, cryptoquant.com stats point out that Binance holds roughly 584K bitcoin. On the identical day, information reveals that Coinbase Professional, in any other case generally known as Coinbase Change, holds roughly 532K bitcoin.
Moreover, our newsdesk additionally reported on Grayscale discussing its steadiness sheet, because the fund supervisor famous that “all digital property that underlie Grayscale’s digital asset merchandise are saved below the custody of Coinbase Custody Belief Firm.” Between Coinbase’s completely different companies, just like the change and custody options, the publicly-listed firm holds a substantial amount of bitcoin (BTC).
On Nov. 22, 2022, Coinbase (Nasdaq: COIN) co-founder and CEO Brian Armstrong tweeted in regards to the agency’s BTC stash with a purpose to dispel any ‘concern, uncertainty, and doubt’ (FUD). “In the event you see FUD on the market – keep in mind, our financials are public (we’re a public firm),” Armstrong mentioned on Tuesday. “We maintain ~2M BTC. ~$39.9B value as of 9/30.” The Coinbase co-founder added:
All of us want to come back collectively to construct this trade in a accountable approach going ahead. Be cautious of false data.
Armstrong additional shared the corporate’s shareholder letter, which highlights a consolidated record of Coinbase property. The Coinbase CEO’s statements on Twitter comply with the conversations regarding proof-of-reserves and monetary audits.
The proof-of-reserves subject has gained traction and a handful of exchanges have introduced upcoming proof-of-reserve audits. For example, on Nov. 21, 2022, Bitstamp detailed that the corporate has been audited since 2016.
“Bitstamp Group and our authorized entities have been audited by an enormous 4 world accounting agency on an annual foundation since 2016,” Bitstamp mentioned on Monday. “They are going to be releasing our proof of reserves audit and the corresponding proof of liabilities. These will present our prospects with an independently carried out verification of their Bitstamp balances, and the reassurance that Bitstamp has the property to cowl them totally.”
Whereas Coinbase World shares are down 82% year-to-date, COIN shares gained 5.24% simply earlier than the closing bell on Wall Avenue on Nov. 22. COIN shares are presently buying and selling for $43.39 per share on Tuesday afternoon (ET). “The transparency and fast response is far wanted and appreciated atm,” one individual replied to Armstrong’s tweet about Coinbase’s bitcoin holdings on Tuesday.
What do you consider the Coinbase CEO explaining that as of September the agency held 2 million bitcoin value $39.9 billion? Tell us what you consider this topic within the feedback part under.
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