Coinbase Defends Ethereum Holdings Amid Allegations of Sell-Off
Coinbase Executive Jesse Pollak has pushed back against allegations that the company is selling its Ethereum holdings. In a series of posts on X, Pollak defended Coinbase's position as a major ETH holder and highlighted the company's broader contributions to the Ethereum ecosystem.
Pollak cited public data showing that Coinbase holds approximately 115,000 to 151,000 ETH in its corporate treasury, valued at around $300 million. He emphasized that this is a significant amount of Ethereum, making Coinbase 'by far the largest holder of ETH among non-DAT institutions.'
In addition to addressing the sale claims, Pollak highlighted the progress of Base, which launched in 2023 and recently achieved Stage 1 decentralization. This milestone reduces centralized control and aligns with Ethereum's broader decentralization goals.