Brian Armstrong, the founder, and CEO of Coinbase announced that at the end of the 3rd quarter of 2022, his company’s Bitcoin holding comprised over 2 Million BTCs.
Crypto Exchanges’ Voluntary Disclosures
FTX contagion has not only shocked but jolted entry crypto industry, the economy as well as the crypto community. It seems as if not only novice crypto traders but also veteran crypto traders are now extremely concerned.
For easing up their frustrations, the majority of crypto investors are trying to look into the balance sheets of crypto firms with which they are associated.
Acknowledging investors’ concerns, there have been several crypto trading platforms that are revealing their balance sheets and crypto funds holdings. The aim behind this seems to show their transparency and business viability.
Binance’s Bitcoin Holding
A few days ago, Binance was seen disclosing its crypto reserves which suggested that in Bitcoin only, the firm holds approximately 600,000 BTCs.
This disclosure of Binance was also endorsed by cryptoquant.com which too suggested that about 548k BTCs are available with the firm.
The very next day, there was another disclosure was made by Coinbase Pro (also popularly recognized as “Coinbase Exchange”). The firm told the public that in its holding of Bitcoin there are 532k units of Bitcoins.
Meanwhile, it has been reported that Grayscale too is considering making a public disclosure of its balance sheet. An executive of Grayscale told that all of its digital assets are lying with Coinbase Custody Trust Company.
While others too are flocking in to reveal their accounts and balance sheets to the public, Coinbase too has come up with the disclosure.
Coinbase’s Humongous Bitcoin Stash
Coinbase is currently the number one crypto trading and custodial platform which was founded by the company’s existing CEO, Brian Armstrong.
Armstrong posted a tweet in which he revealed that Coinbase single-handedly holds approximately 2 Million units of Bitcoins. As per the prevailing BTC market rate, Coinbase’s BTC stash is worth roughly $40 Billion.
Armstrong’s Word of Advice
In his tweet, Armstrong opined that the disclosure is necessary particularly when there is huge uncertainty and fears growing within the industry.
He made mention of ‘FUD’ in his tweet and explained that then the public must remember that Coinbase is a public limited company.
Armstrong then claimed that his company’s accounts, financials, and balance sheets are all public documents, hence, anybody can look at them.
He commented that the entire crypto industry has a responsibility toward the public which calls for complete transparency. He pointed out that it is through transparency that the industry can flourish and businesses can thrive.
At the end of his tweet, Armstrong advised the public to be careful and act wisely, and don’t fall for false information.