tldr; Coinbase CEO Brian Armstrong revealed the amount of Bitcoin in the company's reserves in a bid to be more transparent following the downfall of collapsed rival FTX. The largest US-based crypto exchange platform holds about 2 million BTC, which translates to $33.12 billion at Bitcoin’s current price of $16,561. The company's crypto portfolio includes $39 billion in Bitcoin, $24 billion in ETH, and $31 billion in other digital assets.
begs the question...does a currency-supply hard-cap even matter if it's all going to be held by massive corporate entities? or are we just recreating legacy finance with more steps and no downtime?
Binance likely has higher liabilities in BTC than they have reserves of BTC. As in if there is a run on Binance it's dieing just like FTX if not worse.
You see an exchange that makes its money from trading fees, not gambling with users money, is not at risk of crashing. Even if there is a bank run, an exchange that on makes money from transaction fees with thrive.
This is why I laugh when people are like “bro you leave your crypto on a CEX. your stupid af.” I’m like if CB or binance go down then this whole thing is over anyway. Yubikey Auth on Coinbase account is all the protection you need imo.
Remember, 99.99% of these are customer’s funds and not coinbase’s. A lot of people here are going to think coinbase has 100B in coins but only 10B marketcap and go buy its stock. That might be a flawed logic. $40 might be the bottom and it might go up. But dont confuse between customer’s asset (liability) as the company’s own
It came out that binance had recently surpassed Coinbase as the biggest Bitcoin reserve holder. Binance couldn't let Coinbase have this one. I think cz was surprised at Coinbase's stability and growth which is why his tweets were foolish. As far as CEX go I'd choose Coinbase over binance.
Binance does have the advantage of onboarding every alt coin you can imagine anyone can buy. So sometimes its the platform new big investors especially from Asia jumps in on. Coinbase is the Western platform.
I use Binance more but yes fuck Changpeng for spreading shit just to gain more for his company that cannot even fully describe its hierarchy of owners.
Recently i watched on nat geo that the only living organism wich is bigger than a blue whale they called it “humongous fungus”(Armillaria ostoyae) is over 900 hectares big wich is 9km²
Nice to see these shits man, we all are happy to see them handling all these things so fucking well right now, we all are just fucking good with that shit right now.
They are in a good way right now and we all can say that a lot right now man, they know what they are doing and that's just way too good right now, we know that.
Going good with this shit and they all know this correctly man, they are happy with what is going around there, we are just having a good time with that too man.
Do people here not realize most of that is peoples assets under their management? Coinbase itself isnt “rich”, the company likely only owns a small fraction of that.
Lol it was almost 40 billion when they released their q3 financials. People are jumping for joy over because the company posted the DD that anyone could find if they just read past a headline.
These proof of reserves amaze me. How many idiots are there thinking they’re “into crypto” leaving their digital assets for someone else to safe keep. So much for being your own bank.
These exchanges are a big reason crypto gained the value it does. Leave it fully decentralised with nothing but the 'true believers' and it'd crash in price.
Just a fucking good gold that we all are seeing right now man, we are happy with what we are watching right now, shits are just fucking crazy to me right now for real.
Just loving the people in the comments man, we all are fucking happy about these shits and that's just what we want at the end of the day, we are happy with that.
They know what the fuck they are doing right now man, they are so good with this and that's just what we all are appreciating right now, this is just gold to me and nothing more than that.
Shits are way too much for them but still I am happy if they can handle these things in a good way, hope others will see this as that thing right now man, good.
Armstrong cites Coinbase’s Q3 shareholder’s report which shows the company’s crypto portfolio, which includes $39 billion in Bitcoin, $24 billion worth of leading smart contract platform Ethereum (ETH) and $31 billion in other digital assets as of September 30th.
Just took a look at their financials. They have 105 542 048 in liabilities, but 95 113 124 of those are just customer assets, so not really liabilities if they infact back everything 1:1( which is the fact in their financial statements). Keep in mind you have to miltiply these numbers by a thousand to get the real amount.
Armstrong cites Coinbase’s Q3 shareholder’s report which shows the company’s crypto portfolio, which includes $39 billion in Bitcoin, $24 billion worth of leading smart contract platform Ethereum (ETH) and $31 billion in other digital assets as of September 30th.
This is why I only dealt with Coinbase since I started crypto. Good old days of 0 fee are gone when they renamed themselves to Coinbase pro. But why would anyone trust other foreign exchanges with no jurisdiction in the US. Makes no sense
Very pleasing to see this. Even though I own my own keys now, if I had to pick one exchange to hold my crypto for the next year, it would be coinbase.com.
This actually isn’t a good thing for Coinbase? If they try to liquidate any significant portion the value will tank quickly. When I worked in crypto we really couldn’t count our significant assets in assets like this at their book value.
And that’s what Brian is revealing lmao. I bet it’s more . It’s like asking someone how many people they’ve slept with and they say 2,000,000 it’s obviously not true
Can we be certain that it is not just all the exchanges pooling their resources to prove they are solvent? Next week some other exchange can have the same millions of btc?
While still reading about swaps between exchanges in the whole FTX dilemma. Im gonna say I don’t believe this. Eventually (I Think) were gonna read some piece that says Coinbase had a big swap with their bank friends who delivered then enough collateral to proof a none biding thing to us via the interwebs.
People really need to take that shit out right now man, this is the fucking right time and I hope they will get a hardware wallet soon, that's all I want to see right now.
Damn man, this shit is just way too good and they know how to fucking flex right now, that's just what we all are loving right now, that's just so good right now.
Just going to say that this is just a fucking good shit for coinbase right now man, they know what they are doing and that's just a fucking gold for them and nothing more than that.
Gotta say that they are having way too much but still I am just good with a good hardware wallet right now man, that's just what we all need at the end of the day.
Just going to say that they are fucking good with it man, they know how to handle shits and they are just doing this like that, I really love these shits for real right now.
Gotta say that this shit is just the fucking gold to me and nothing more than that man, this is just going so fucking well right now, this is just fucking nice to me man.
Its not really their wealth, they are just holding money for others. Its really more of a risk since its a big responsibility making sure it stays safe.
While everyone else is elated, I'm over here as someone who bought into the coinbase IPO. the stock needs to gain only about 500% just to make me whole again.
You lost trust in Coinbase because you made the mistake of buying into a crypto company ipo during peak crypto hype? Coinbase didn’t do shit to lose your trust, you just made a poor financial decision
These aren't their "reserves" - these are customer crypto assets and they're backed 1:1, so Coinbase also lists $95b in liabilities for the $95b in crypto assets (including this $33b in BTC) that they hold. This is why Coinbase can have a market cap of $10b while holding nearly $100b in crypto assets on their platform
Pro & con info are in the collapsed comments below for the following topics:
tldr; Coinbase CEO Brian Armstrong revealed the amount of Bitcoin in the company's reserves in a bid to be more transparent following the downfall of collapsed rival FTX. The largest US-based crypto exchange platform holds about 2 million BTC, which translates to $33.12 billion at Bitcoin’s current price of $16,561. The company's crypto portfolio includes $39 billion in Bitcoin, $24 billion in ETH, and $31 billion in other digital assets.
It's crazy that they are probably holding more assets than their entire company value.
Good bot doing it's job as it's supposed to, this is good stuff.
Good bot
2 million btc... 👀
[удалено]
Coinbase eats blue whales for breakfast. That's absurd.
Coinbase saying fuck you CZ
Mammoth amount.
10% of BTC supply
That's nearly 10% of all the Bitcoin that will ever exist belonging to one exchange.
That's like a tenth of all btc, wtf
begs the question...does a currency-supply hard-cap even matter if it's all going to be held by massive corporate entities? or are we just recreating legacy finance with more steps and no downtime?
BTC Leviathan
Hey Coinbase, it’s me ur brother
Hard flex no cap. Is there anyone holding more BTCs at once than them?
It’s a very “relieving” amount to see.
Coinbase officially has more bitcoin than me
Not official until you show us your proof of reserves.
Wow I didn’t expect Coinbase to have that many.
I talk a lot of smack about CoinBase, but I’m honestly glad this is true. We need strong exchanges.
Cb to the moon
The fact they have so much is probably also the reason they wont go down.
Binance likely has higher liabilities in BTC than they have reserves of BTC. As in if there is a run on Binance it's dieing just like FTX if not worse.
You see an exchange that makes its money from trading fees, not gambling with users money, is not at risk of crashing. Even if there is a bank run, an exchange that on makes money from transaction fees with thrive.
even more, estimates are there are between 14-17 million in circulating supply.
This is why I laugh when people are like “bro you leave your crypto on a CEX. your stupid af.” I’m like if CB or binance go down then this whole thing is over anyway. Yubikey Auth on Coinbase account is all the protection you need imo.
Honestly, scooping that BTC for like $100 sounds great to me.
Time is on our side
I got exactly the reverse number:
🚨🚨🚨 Whale Alert 🚨🚨🚨
CZ in shambles
Czeck mate.
I wonder how many wallets that 2 million is spread across.
2. One of theirs and one of mine 😂
Remember, 99.99% of these are customer’s funds and not coinbase’s. A lot of people here are going to think coinbase has 100B in coins but only 10B marketcap and go buy its stock. That might be a flawed logic. $40 might be the bottom and it might go up. But dont confuse between customer’s asset (liability) as the company’s own
You’re the first tier 1 comment to make an intelligent statement
What a flex
They really did that shit in a good way man, we are happy.
Time to buy coinbase stocks
Did that two days ago, lol.
Lol that's just going to be so good in the coming time
It came out that binance had recently surpassed Coinbase as the biggest Bitcoin reserve holder. Binance couldn't let Coinbase have this one. I think cz was surprised at Coinbase's stability and growth which is why his tweets were foolish. As far as CEX go I'd choose Coinbase over binance.
Binance does have the advantage of onboarding every alt coin you can imagine anyone can buy. So sometimes its the platform new big investors especially from Asia jumps in on. Coinbase is the Western platform.
Plus CB is public company in the USA, Binance is in a wayyyyy lower league than CB now. Binance is a bench warmer in Crypto
Coinbase has 4x as much BTC as Binance. This is 2M for Coinbase and 475k for Binance.
Holy shit. I'm never taking Coinbase FUD seriously ever again.
I never doubted Coinbase. Only issue I ever had they gave me $100 in BTC to make up for my inconvenience.
CZ has slunk back into his hole I assume.
You mean Whalebase
It’s public, which has more stringent rules aswell (NYSE requirements)
If BTC goes 100K-1M that’s … a lot of money
By EOY 2021 they will be sitting pretty
Is $33,000,000,000 not already a lot of money? It feels like that’s already a lot of money…
That's a lot of zeros.
Coinbase check mating CZ
I use Binance more but yes fuck Changpeng for spreading shit just to gain more for his company that cannot even fully describe its hierarchy of owners.
What kind of whale is that
A publicly traded regulated whale.
That's a leviathan not a whale. And a dangerous one.
The biggest kind.
That’s a Crypto Blue Whale
Cthulhu
A "whale whale whale"
Good grief.
Not just any leviathan, the leviathan. That's like 10% of the circulating supply right there, absolutely mind boggling
Leviathan>whale
We need to find something bigger than a whale
Your mom
Megalodon?
Kraken! Oh wait thats already taken
Leviathan
Yeah man, we just want that and nothing more than that.
Recently i watched on nat geo that the only living organism wich is bigger than a blue whale they called it “humongous fungus”(Armillaria ostoyae) is over 900 hectares big wich is 9km²
This is pretty bullish.
The great anti-fud. I'm not doubting Coinbase again. 2 million BTC is hard to comprehend.
This is insane tbh
This is really way too much and we are loving that shit.
Ok now can they allow manual bank account link again 🙄
Humble flex right there.
I guess it was just for CZ and they are doing so good with it.
thats alot of bitcoin
Big dick energy
So Grayscale is FUDing so boomers and institutions can get in at a discount. Time to go all in
Nice to see these shits man, we all are happy to see them handling all these things so fucking well right now, we all are just fucking good with that shit right now.
They are in a good way right now and we all can say that a lot right now man, they know what they are doing and that's just way too good right now, we know that.
“33” - that says it all. We know who they are. Confirms what we already knew.
Going good with this shit and they all know this correctly man, they are happy with what is going around there, we are just having a good time with that too man.
A market cap of a company only reflects what the public values it at, it has no correlation to the amount of money a company controls.
No. Reserves would represent the reserves that CoinBase holds to match their customer deposits.
Which one of the companies held customer funds like a broker, dealer, bank or exchange?
To put it into perspective, those 2 mil BTC were 138 bil dollars not to long ago.
Does it really matter? They are custodians not owners.
Do people here not realize most of that is peoples assets under their management? Coinbase itself isnt “rich”, the company likely only owns a small fraction of that.
I think everyone knows that. That why it's called proof of reserves. Those are the assets that users think they hold and are shows on their wallets.
That’s not the point. Point is that they have the actual assets users purchased. It’s not always the case these days.
Lol it was almost 40 billion when they released their q3 financials. People are jumping for joy over because the company posted the DD that anyone could find if they just read past a headline.
These proof of reserves amaze me. How many idiots are there thinking they’re “into crypto” leaving their digital assets for someone else to safe keep. So much for being your own bank.
These exchanges are a big reason crypto gained the value it does. Leave it fully decentralised with nothing but the 'true believers' and it'd crash in price.
Just a fucking good gold that we all are seeing right now man, we are happy with what we are watching right now, shits are just fucking crazy to me right now for real.
Say it with me friends: now show us the liabilities
Just loving the people in the comments man, we all are fucking happy about these shits and that's just what we want at the end of the day, we are happy with that.
Its not all theres. 600,000 belong to grey scale alone.
They are the biggest corporate custody holder of BTC, 1/3 of that is just in holding the BTC behind GBTC (~640k BTC)
coin base is literally audited and is on the stock exchange. they have to be honest about what they reserve.
Yes, decentralized. Unlike shitcoins running on fiat-like POS, Bitcoin uses POW and ownership has zero impact on how decentralized the network is.
They know what the fuck they are doing right now man, they are so good with this and that's just what we all are appreciating right now, this is just gold to me and nothing more than that.
They will be worth one big trillion dollars in a year or 3.
Shits are way too much for them but still I am happy if they can handle these things in a good way, hope others will see this as that thing right now man, good.
CZ fuming right now
They are backing coins 1 to 1 that does not happen with banks nice to see.
They are being so fucking good with this, we all know that.
Coinbase will be the most trusted Crypto exchange. They will stand the test of time and Cathie Wood will be proven right.
Armstrong cites Coinbase’s Q3 shareholder’s report which shows the company’s crypto portfolio, which includes $39 billion in Bitcoin, $24 billion worth of leading smart contract platform Ethereum (ETH) and $31 billion in other digital assets as of September 30th.
Just took a look at their financials. They have 105 542 048 in liabilities, but 95 113 124 of those are just customer assets, so not really liabilities if they infact back everything 1:1( which is the fact in their financial statements). Keep in mind you have to miltiply these numbers by a thousand to get the real amount.
Who's your daddy now CZ?
Want to see his fucking face right now so bad man, so bad.
Looks like I'm not gonna lose my staked Eth then.
So coinbase is solid.
Great. Now do liabilities.
Well u can check them out. Coinbase is publicly traded so all the financials are public.
I highly doubt their liabilities are over 33 Billion dollars.
Liabilities are public for Coinbase.
Lets leave that for some other time
It’s probably possible for you to find this. They are publicly traded. I don’t suspect these guys are doing sketchy trading hoping to hit it big.
HOLY SHIET
Coinbase(d).
Btc is king love this
Well we all know this thing, this is just the fucking reality.
Sheeeeeeeeeeeeeeiiiiiiiiiiiittttt
This is absolutely great that they had to publish this. We are going in the right direction.
If people think this is a lot of money, their heads would explode when they see how much money some of the larger banks have on their books.
How much of that is a counter weight for deposited bitcoin and how much of the other coins?
Armstrong cites Coinbase’s Q3 shareholder’s report which shows the company’s crypto portfolio, which includes $39 billion in Bitcoin, $24 billion worth of leading smart contract platform Ethereum (ETH) and $31 billion in other digital assets as of September 30th.
DAMN
So this is why Cathie Wood loaded up on CB shares.
Even Satoshi and Saylor are jealous of that bag
it's binance turn now...
This is why I only dealt with Coinbase since I started crypto. Good old days of 0 fee are gone when they renamed themselves to Coinbase pro. But why would anyone trust other foreign exchanges with no jurisdiction in the US. Makes no sense
Very pleasing to see this. Even though I own my own keys now, if I had to pick one exchange to hold my crypto for the next year, it would be coinbase.com.
10% of the total supply basically.... gg
tbf its not all theirs right?
Coinbase hasn't done wrong by me. Their fees suck, but they've been worthy to be a CEX for HODLing
All of my crypto on Exchange markets is held on coinbase. This is comforting.
This actually isn’t a good thing for Coinbase? If they try to liquidate any significant portion the value will tank quickly. When I worked in crypto we really couldn’t count our significant assets in assets like this at their book value.
Plot twist : it’s on the hard drive in that landfill in England
Excellent! I now feel safe to put my 0.002 BTC back on Coinbase!
And that’s what Brian is revealing lmao. I bet it’s more . It’s like asking someone how many people they’ve slept with and they say 2,000,000 it’s obviously not true
Lmao 2mil is absurd
Is it 10% of total supply? Woops
Trust me BRO!
To cover how much in user assets?
It is rumored that platforms are transferring assets to each other to pump their portfolio.
Holy! That's not a whale, it's the whole fucking pacific ocean!
reveal how? did they provided wallet we can verify? or is this a trust me bro?
Decentralized you said
Does this include greyscale and other custody BTC?
Jezus, they have a significant part of all the BTC available. Close to 10% or so? Do we know how much the other main exchanges have as well?
Can we be certain that it is not just all the exchanges pooling their resources to prove they are solvent? Next week some other exchange can have the same millions of btc?
If coinbase tried to sell two million bitcoin they might get 100 million dollars
Moves crypto from Binance to Coinbase
Anyone hear anything about crypto.com
While still reading about swaps between exchanges in the whole FTX dilemma. Im gonna say I don’t believe this. Eventually (I Think) were gonna read some piece that says Coinbase had a big swap with their bank friends who delivered then enough collateral to proof a none biding thing to us via the interwebs.
Satoshi would be MAD
People really need to take that shit out right now man, this is the fucking right time and I hope they will get a hardware wallet soon, that's all I want to see right now.
Damn man, this shit is just way too good and they know how to fucking flex right now, that's just what we all are loving right now, that's just so good right now.
Just going to say that this is just a fucking good shit for coinbase right now man, they know what they are doing and that's just a fucking gold for them and nothing more than that.
Gotta say that they are having way too much but still I am just good with a good hardware wallet right now man, that's just what we all need at the end of the day.
Just going to say that they are fucking good with it man, they know how to handle shits and they are just doing this like that, I really love these shits for real right now.
10% of the entire supply seems like too much for a company claiming to take customer funds if they went bankrupt
Gotta say that this shit is just the fucking gold to me and nothing more than that man, this is just going so fucking well right now, this is just fucking nice to me man.
Why stateing it as reserves? stables or fiat counts as reserves, nothing else.
Because everybody used Genesis to get yield to give out their staking rewards and now that’s not happening anymore.
None will have enough for every customers. All are over leverage with no care of risk management.
Essentially could make them one of the Biggest Market Makers?
$33.... With the current price of BTC just imagine their wealth when BTC reach next Bull run 70k
Its not all theirs, that is the whole point of a CEX.
**170k
Its not really their wealth, they are just holding money for others. Its really more of a risk since its a big responsibility making sure it stays safe.
While everyone else is elated, I'm over here as someone who bought into the coinbase IPO. the stock needs to gain only about 500% just to make me whole again.
You lost trust in Coinbase because you made the mistake of buying into a crypto company ipo during peak crypto hype? Coinbase didn’t do shit to lose your trust, you just made a poor financial decision
I feel that any US-based publicly-traded company with good customer service will mint value.
Don't worry next run it'll go back up,I've been buying too lower my cost as well,digging the blackrock ishares ETF as well
It’s actually 1000%
I just want others to see these shits like that and nothing more than that.
How come there's no mention of stablecoins in their reserves?
Remember when people said Coinbase was in trouble just because they stopped their incentive program for Youtuber referrals? 🙄
This is the equivalent of dropping the dick on the shoulder for asserting your domination.
Seriously, buy shares in Coinbase. When all the other exchanges tank, it’s going to be the last one standing.
These aren't their "reserves" - these are customer crypto assets and they're backed 1:1, so Coinbase also lists $95b in liabilities for the $95b in crypto assets (including this $33b in BTC) that they hold. This is why Coinbase can have a market cap of $10b while holding nearly $100b in crypto assets on their platform
Look up reserve requirements sometime (in banking) and you’ll see that if the Is is in fact customer accounts, then it is exactly what “reserves” are.
The numbers don’t add up. Are those BTCs held in custody for customers or do they actually belong to Coinbase. There’s a huge difference.
Most are finance illiterate, of course it’s their clients coins
This will be what they are holding on behalf of customers, so when customers want to sell there are actually coins there to sell
Wow they must have DCA'd a lot
Those are equal to assets under management, Coinbase itself doesn’t own even a fraction of that.
Maybe CZ will finally fuck off now.
Yeah man, he just need to be fucked off right now for real.