The Coinbase Q3 shareholder letter, which was shared by the company's co-founder, states that the company held 2 million bitcoin as of September 30.
According to the data provided by cryptoquant.com, the cryptocurrency trading platform Binance had close to 600,000 bitcoin in its reserves when Bitcoin.com News last reported on the exchange's holdings two days ago. According to the information on cryptoquant.com as of the 20th of November in 2022, Binance possesses around 584 thousand bitcoin. Data collected on the same day reveals that Coinbase Pro, also known as Coinbase Exchange, has possession of around 532 thousand bitcoin.
In addition, our newsdesk reported that Grayscale was discussing its balance sheet, and the fund manager stated that "all digital assets that underpin Grayscale's digital asset products are kept under the custody of Coinbase Custody Trust Company." This information was included in the article. The cryptocurrency exchange and storage solutions offered by Coinbase mean that the publicly traded business is in possession of a substantial amount of the digital currency (BTC).
Brian Armstrong, co-founder and CEO of Coinbase (Nasdaq: COIN), tweeted about the company's Bitcoin stockpile on November 22, 2022, in an effort to allay any "fear, confusion, and doubt" that may have been there (FUD). Armstrong stated on Tuesday that "If you see FUD out there - remember, our financials are public (we're a public corporation") "We possess around 2 million BTC. "valued $39.9 billion as of September 30." The co-founder of Coinbase also stated:
Going forward, all of us will need to work together in order to create this sector in a way that is responsible. Watch out for misleading information!
Armstrong continued by disseminating the information by sharing the company's shareholder letter, which includes a comprehensive inventory of Coinbase's assets. The words made by the CEO of Coinbase on Twitter come after the discussions that have been taking place over proof-of-reserves and financial audits.
On November 22, 2022, Coinbase CEO Brian Armstrong published the following screen capture through Twitter.
The topic of proof-of-reserves has gained traction, and a few exchanges have announced that they will be conducting proof-of-reserve audits in the near future. For example, on November 21, 2022, Bitstamp disclosed that the organization had been subject to audits dating back to 2016.
Bitstamp announced on Monday that since 2016, both the Bitstamp Group and its legal entities have been subjected to annual audits conducted by one of the "big four" global accounting firms. They are going to release our proof of reserves audit as well as the proof of liabilities that corresponds to it. These will provide our customers with a verification of their Bitstamp balances that has been independently conducted, as well as the assurance that Bitstamp has the assets to cover them in full.
Coinbase Global's share price has dropped by 82% since the beginning of the year, but COIN's share price increased by 5.24% right before the closing bell on Wall Street on November 22. On Tuesday afternoon, shares of COIN are currently being traded at a price of $43.39 per share. Someone responded to Armstrong's tweet on Tuesday about Coinbase's bitcoin holdings by saying, "The transparency and quick response is much needed and appreciated at this time."
