Coinbase Reveals Reserves of 2,000,000 BTC Worth Over $33,000,000,000 - The Daily Hodl

  1. 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.

  2. 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?

  3. 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.

  4. 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.

  5. 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.

  6. 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

  7. 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.

  8. 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.

  9. 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.

  10. 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

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. That’s not the point. Point is that they have the actual assets users purchased. It’s not always the case these days.

  18. 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.

  19. 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.

  20. 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.

  21. 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.

  22. 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.

  23. They are the biggest corporate custody holder of BTC, 1/3 of that is just in holding the BTC behind GBTC (~640k BTC)

  24. coin base is literally audited and is on the stock exchange. they have to be honest about what they reserve.

  25. Yes, decentralized. Unlike shitcoins running on fiat-like POS, Bitcoin uses POW and ownership has zero impact on how decentralized the network is.

  26. 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.

  27. 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.

  28. Coinbase will be the most trusted Crypto exchange. They will stand the test of time and Cathie Wood will be proven right.

  29. 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.

  30. 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.

  31. 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.

  32. 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.

  33. 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

  34. 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.

  35. Coinbase hasn't done wrong by me. Their fees suck, but they've been worthy to be a CEX for HODLing

  36. 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.

  37. 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

  38. 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?

  39. 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.

  40. 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.

  41. 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.

  42. 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.

  43. 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.

  44. 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.

  45. 10% of the entire supply seems like too much for a company claiming to take customer funds if they went bankrupt

  46. 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.

  47. Because everybody used Genesis to get yield to give out their staking rewards and now that’s not happening anymore.

  48. 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.

  49. 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.

  50. 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

  51. I feel that any US-based publicly-traded company with good customer service will mint value.

  52. 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

  53. Remember when people said Coinbase was in trouble just because they stopped their incentive program for Youtuber referrals? 🙄

  54. 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

  55. 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.

  56. 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.

  57. This will be what they are holding on behalf of customers, so when customers want to sell there are actually coins there to sell

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