Coinbase Denies Selling Ethereum Holdings Amid Community Criticism

Coinbase executive Jesse Pollak has denied claims that the company is selling its Ethereum holdings. In a series of posts on X, Pollak emphasized 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 also pointed to Coinbase's involvement in the EIP-4844 upgrade, which reduced transaction fees on Ethereum, and its co-development of USDC, a major stablecoin.

In addition to addressing the ETH sale claims, Pollak highlighted the progress of Base, a layer-two network launched by Coinbase in 2023. The network recently achieved Stage 1 decentralization, reducing centralized control and aligning with Ethereum's broader decentralization goals.