The CEO of Coinbase revealed that the company holds $39.9 billion worth of bitcoin

Key points: 

• Coinbase CEO, Brian Armstrong, revealed that the company holds $39.9 billion worth of Bitcoin.
• This number equates to around 2 million of the token itself. 
• It was reported that paranoia over the FTX crash caused Coinbase to lose “over a quarter of its value” over four trading days.

Coinbase CEO revealed in a shareholder letter published by Brian Armstrong that the company holds $39.9 billion worth of Bitcoin. This article follows mass market efforts to increase transparency during the FTX crash.

On Twitter, the CEO shared the Bitcoin count while reiterating the fact that Coinbase is a public company. Afterward, he urged consumers to be wary of financial data that did not come from the platform itself.

Coinbase Holds 2 Million Bitcoins

Coinbase CEO Brian Armstrong tweeted, “We must all come together to responsibly build this industry into the future.” This was no doubt referring to the huge market reaction to the collapse of the crypto platform FTX.

It was the failure of FTX that prompted numerous platforms to take action and be transparent with current and potential customers. Through this process, we got a lot of interesting clues about the different asset holdings of these cryptocurrency platforms.

One of these is the recently shared information that Coinbase currently holds approximately $39.9 billion worth of Bitcoin. This number equates to around 2 million of the token itself. That's the information Armstrong shared in the same shareholder letter posted on Twitter.

Coinbase was one of the companies hit hard by the FTX contagion, as was Bitcoin. This affects many centralized exchanges. Just yesterday, it was reported that paranoia over the FTX crash caused Coinbase to lose “over a quarter of its value” over four trading days.

Investors are scared, and rightfully so. FTX’s debacle came out of nowhere, fueling fears in an already volatile market. Instead, Armstrong and other platforms hope that efforts to increase transparency will regain customers' trust.