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ETH Base founder Jesse Pollak responded to criticism from Coinbase for selling ETH, pointing out that the company holds approximately 150,000 ETH
Base founder Jesse Pollak refuted criticism that Coinbase is selling ETH while leveraging the Ethereum ecosystem, pointing out that the exchange holds corporate positions of approximately 150,000 ETH and has invested in the entire network over the years.
Pollak believes that Coinbase has held approximately 150,000 ETH in multiple market cycles, and claims that the company is the largest ETH holder in addition to dedicated digital asset finance companies, and far exceeds other institutions.
Coinbase's latest regulatory documents confirm the size of this position. As of June 30, the company held 150,279 ETH for investment, compared to 151,175 ETH at the end of 2025.
Pollak defends Coinbase's commitment to Ethereum
The controversy escalated after Jason Chaskin, head of application relations at the Ethereum Foundation, pointed out that hostility towards Coinbase ignored the company's deep integration with Ethereum. Pollak further elaborated on this view, pointing out that in addition to its ETH balance, Coinbase is also an important customer and developer in the Ethereum ecosystem. Base settles on Ethereum and uses ETH as gas charges, while Coinbase also builds products covering USDC, cbBTC, smart wallets and on-chain payments.
This relationship has developed for many years. Coinbase has previously been described as a publicly traded company with an increasing focus on Ethereum, as Base trading activity, revenue from ETH-denominated sorters, and stablecoin usage grow.
Pollak also rejects the view that Ethereum users should be judged based on whether their activities are in line with an ideal network vision. He called on the community to stop making "moral judgments" of Ethereum customers and extended this argument to transactions, DeFi, Meme and broader financial activities.
Coinbase promotes the inclusion of EIP-4844 in Ethereum
Coinbase's technical contribution extends directly to Ethereum itself. Engineers at Base and Coinbase worked on EIP-4844 for approximately two years, contributing prototype implementation, testing infrastructure and engineering work before activating the blob through the Dencun upgrade. EIP-4844 has become an important part of Ethereum Rollup's expansion strategy by significantly reducing the cost of publishing Layer 2 transaction data.
Since then, Coinbase has further expanded to implement on smart accounts and automated chains. Base MCP introduces wallet operations to AI agents, while Coinbase's x402 protocol develops a payment layer that allows software and AI agents to make programmatic stablecoin payments. Base itself has also moved away from its early social-first strategy. As Coinbase increases its focus on payment, marketing and financial applications, Base App has shifted its main product focus to transactions.
Coinbase file shows ETH positions remain almost unchanged
The investment balances reported by Coinbase provide a clearer picture than simply observing changes in exchange wallets. From December 31 to June 30, the number of ETH held by the company for investment decreased by only 896, from 151,175 to 150,279. The company also separately reported that as of the end of June, an additional 10,480 ETH units were in operation, in addition to the larger managed and customer-facing Ethereum business.
Coinbase's June 30 balance sheet valued its investment position of 150,279 ETH at US$235.7 million, compared with a recorded book cost of US$340.6 million.
