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BTC 
ETH Jesse Pollak defends Coinbase's ETH position
Jesse Pollak defends Coinbase's Ethereum (ETH) holdings, saying the exchange remains by far the largest holder of non-DAT ETH. Pollak highlighted Coinbase's contributions to Ethereum through Base, EIP-4844, ERC-4337, USDC, cbBTC and x402. Members of the Ethereum community have discussed Coinbase's sale of ETH, while Pollak has called on users to recognize the exchange's broader role across the ecosystem.
Coinbase's role in Ethereum
Base founder Jesse Pollak refuted suggestions that Coinbase is selling ETH, pointing out that the exchange maintains its position as the largest holder of non-DAT ETH by orders of magnitude. His comments came after members of the Ethereum community criticized Coinbase for selling ETH and the company's alleged preference for holding Bitcoin. Pollak said Coinbase holds approximately 150,000 ETH units in multiple market cycles. Other data shows that the number of ETH held by his company ranges from 115,000 to 151,000, worth approximately US$300 million. He also pointed to the broader role Coinbase plays in Ethereum. The exchange operates Base, one of Ethereum's second-layer networks, which will be launched in 2023. Base uses ETH as a transaction fee and generates ETH through its sorter. Coinbase operates the sorter, which is responsible for sorting and processing transactions on the network.
However, critics question why Coinbase is selling ETH generated through Base operations. Some community members also mentioned the company's alleged focus on accumulating bitcoins. Pollak believes the criticisms ignore Coinbase's broader contribution to Ethereum. He pointed to the work the company has done on EIP-4844, ERC-4337 smart wallet, USDC, cbBTC and x402.
Ethereum community discusses Coinbase's contribution
Ethereum Foundation member chaskin.eth also said that criticism of Coinbase is biased. He cited Base, USDC, cbBTC, EIP-4844, ERC-4337 and x402 as examples to illustrate Coinbase's contribution. Pollak also stated that through Base, Coinbase has become one of Ethereum's largest customers. He said the company has also made important contributions to the development of EVM and Ethereum. Base attracts DeFi and consumer applications, while processing transactions through Ethereum. According to relevant information, the network has reached the first stage of decentralization.
At the same time, as a U.S. listed exchange, Coinbase maintains transparency in its corporate financial activities through regulatory filings. The ETH held by its company is separate from the customer assets held in its custody business. Pollak called on the Ethereum community to stop moral preaching to customers who use the network. He said attacking users and participants could alienate them from the Ethereum ecosystem.
