Coinbase Boss Speaks Up, Brian Armstrong: We Have 2 Million BTC

Coinbase CEO Brian Armstrong. (Photo; Doc. Coinmood)

JAKARTA – Coinbase Founder and CEO Brian Armstrong recently announced that his crypto exchange company owns 2 million Bitcoins. The announcement is intended to eliminate FUD (fear, uncertainty, doubt) for the company.

Whereas before, metrics from CryptoQuant reported that Coinbase had 532 thousand Bitcoins. While Binance for the first time has about 584 thousand BTC. In the report, Binance's reserve fund managed to surpass Coinbase's.

The announcement from Armstrong on November 22 yesterday seemed to ward off the number of company Bitcoin holdings that were presented a few days earlier. The Coinbase boss announced the amount of the company's Bitcoin holdings via a Twitter post.

“If you look at the FUD out there – remember, our finances are public (we are a publicly traded company),” Armstrong said Tuesday. “We hold ~2 million BTC. Worth ~$39.9B at 9/30," he added.

Therefore, the CEO of Coinbase calls on crypto industry players to unite and fight fake information. “We all need to come together to build this industry in a responsible way going forward. Be careful of false information," he concluded.

Armstrong further shared the company's shareholder letter, which highlighted Coinbase's consolidated list of assets. The Coinbase CEO's statement on Twitter follows conversations about proof-of-reserve and financial audits.

The topic of proof of reserve or proof-of-reserve has been increasingly discussed. This encourages various crypto trading companies to show proof of ownership of their assets to the public as Binance and other crypto exchanges have done. While Bitstamp details the company has been audited since 2016.

“The Bitstamp Group and our legal entities have been audited by the top four global accounting firms annually since 2016," Bitstamp said on Monday. "They will be releasing audit evidence of our reserves and proof of liability accordingly. This will provide our customers with independent verification of their Bitstamp balance, and assurance that Bitstamp has the assets to fully cover them."