Coinbase Owns $39.9B Worth of Bitcoins

Earlier today, the Coinbase CEO, Brian Armstrong, posted a tweet saying, “We hold 2M BTC. – $39.9B worth as of 9/30.”

Because of the latest news going around in the market and the collapse of FTX, a lot of cryptocurrency platforms are making their financials open to the public.

Following the FTX bankruptcy, many crypto exchanges have fallen victim to it, resulting in major losses. Because FTX reportedly misused users’ money, people have lost trust in other exchanges where they have their cryptos stored. 

Therefore, all of them have felt the need to be transparent and make their financials public to everyone. 

Brian Armstrong continues, “We all need to come together to build this industry in a responsible way going forward. Be wary of false information.”

Coinbase has been one of the companies greatly affected by the FTX collapse. Because of that reason, investors are afraid, and rightfully so.

Moreover, it is the hope of Armstrong that the transparency of Coinbase’s Bitcoin holdings helps the platform to regain customer trust.