Coinbase executive Jesse Pollak, who leads the Ethereum layer-two network Base, has publicly rejected claims that the company has been selling its Ethereum holdings. In posts on X, Pollak stated that Coinbase remains the largest holder of ETH among non-DAT institutions, with public data indicating a corporate treasury of approximately 115,000 to 151,000 ETH, valued at roughly $300 million at current prices.
The criticism emerged within the Ethereum community, where some alleged that Coinbase had been offloading ETH, including sequencer revenue generated through Base, while accumulating assets primarily in Bitcoin. Pollak directly dismissed those claims and pointed to Coinbase's broader role in the Ethereum ecosystem.
He highlighted the company's involvement in the EIP-4844 upgrade, which significantly reduced transaction fees on Ethereum, as well as its co-development of the stablecoin USDC and its efforts to onboard millions of users to the network. Pollak also underscored the progress of Base, which launched in 2023 and recently achieved Stage 1 decentralization, a milestone that reduces centralized control and aligns with Ethereum's broader decentralization goals.
The controversy reflects ongoing tension between centralized exchanges and the decentralized ethos of the crypto community. Pollak's clarification is intended to reassure investors and developers that Coinbase remains committed to Ethereum's long-term health, not only as a major holder but also as an active contributor to its technical and economic infrastructure.
