Brian Armstrong, CEO of cryptocurrency exchange Coinbase, said that his company holds around 2 million bitcoin worth $39.9 billion as of September 30, 2022. In a Twitter post, Armstrong showed the company’s BTC stash to dispel any ‘fear, uncertainty, and doubt’ (FUD).
“If you see FUD out there – remember, our financials are public (we’re a public company). We hold ~2M BTC. ~$39.9B worth as of 9/30.” Armstrong tweeted on Tuesday.
He also shared the company’s shareholder letter, which highlights a consolidated list of Coinbase assets.
“We all need to come together to build this industry in a responsible way going forward. Be wary of false information,” Armstrong further tweeted.
The clarification from Armstrong comes after Binance CEO Changpeng Zhao’s tweets that questioned Coinbase’s Bitcoin holdings, referring to 4 months old a news article.
However, shortly after Armstrong’s indirect response in a series of tweets Zhao deleted his tweet, saying that Armstrong told him the numbers in the articles were wrong.
“Brian Armstrong just told me the numbers in the articles are wrong. Deleted the previous tweet. Let’s work together to improve transparency in the industry”, Changpeng Zhao, also known as CZ, tweeted.
The comment from Armstrong comes when the crypto market is facing a turbulent time following FTX’s collapse. This has led worried investors to look directly at exchange balances.
After the FTX scam unfolded, there is constant chatter concerning proof-of-reserves and financial audits of the crypto trading platforms. As these concerns gained traction, some of the crypto exchanges announced upcoming proof-of-reserve audits.
Bitstamp, for instance, on November 21, 2022, revealed that the company has been audited since 2016, Bitcoin.com reported.
“Bitstamp Group and our legal entities have been audited by a big four global accounting firm on an annual basis since 2016. They 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,” Bitstamp said on Monday.
Meanwhile, Coinbase Global shares have tanked more than 82 percent YTD. The shares are currently trading for $43.39 per share on Wednesday afternoon (ET).
