Coinbase CEO Discloses $39.9B Bitcoin Holdings Post FTX Fall

Coinbase CEO Discloses $39.9B Bitcoin Holdings Post FTX Fall
  • Using Twitter, Coinbase’s CEO announced the Bitcoin holdings.
  • As a direct result of FTX’s demise, several platforms have increased their openness.

Coinbase CEO Brian Armstrong disclosed the company’s $39.9 billion Bitcoin holdings in a letter to shareholders. The letter was eventually made public following widespread market attempts to be transparent in the wake of the FTX crash.

Using Twitter, Coinbase’s CEO announced the Bitcoin total and emphasized the company’s public status. After that, he warns customers to be skeptical of any financial data that isn’t provided directly by the company.

Direct Result of FTX Fall

In response to the significant market reaction to the demise of the crypto platform FTX, Coinbase CEO Brian Armstrong turned to Twitter to say, “We all need to come together to build this industry in a responsible way going forward.”

As a direct result of FTX’s demise, several other platforms have increased their openness to clients. In doing so, the community has learned a great deal about the underlying assets of these cryptocurrency platforms, which is quite exciting.

One example is the newly disclosed fact that Coinbase maintains Bitcoins worth around $39.9 billion at the moment.  Armstrong’s Twitter announcement came from the same shareholder letter in which the data was included.

Coinbase is just one of many companies that have taken a blow as the crypto market suffers from the FTX crisis. Numerous centralized exchanges have been affected. Just yesterday it was claimed that Coinbase had lost “over a quarter of its value” in just four trading sessions due to irrational fears after the FTX crash.

Investors’ concerns are warranted. In a turbulent market, the sudden demise of FTX only served to heighten people’s anxiety. In contrast, Armstrong and other platforms are banking on consumers responding positively to their attempts to be more open and honest.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.