In a letter to shareholders, Coinbase CEO Brian Armstrong revealed the company’s $39.9 billion worth of Bitcoin holdings.
Following widespread market efforts to be transparent in the wake of the FTX crash, the letter was eventually made public.
The CEO of Coinbase made the Bitcoin total announcement and emphasized the company’s open status via Twitter.
In addition, he then cautions clients to exercise caution when relying on any financial information that isn’t directly from the business.
Coinbase CEO Brian Armstrong took to Twitter to address the significant market response to the closure of the cryptocurrency exchange FTX, saying, “We all need to come together to build this industry in a responsible way going forward.”
The demise of FTX has directly led to other platforms increasing client accessibility. This has been very exciting for the community because it has taught them a lot about the assets that underlie these crypto platforms.
One such instance is the recently made public information that Coinbase currently holds Bitcoins with a market value of about $39.9 billion.
Armstrong’s tweet was based on the same shareholder letter that contained the data.
One of many businesses that have suffered as a result of the FTX crisis affecting the cryptocurrency market is Coinbase. The affected centralized exchanges are numerous.
It was only yesterday that it was asserted Coinbase had lost “over a quarter of its value” in just four trading sessions as a result of irrational fears following the FTX crash.
Investors’ worries are valid. The abrupt demise of FTX in a volatile market only served to increase people’s anxiety.
Contrarily, Armstrong and other platforms are counting on users appreciating their efforts to be more forthright and honest.