Jesse Pollak defended Coinbase's ETH holdings, saying the exchange remains the largest non-DAT ETH holder by a wide margin. Pollak highlighted Coinbase's contributions to Ethereum through Bas
Base creator Jesse Pollak pushed back against claims that Coinbase is selling ETH. He said the exchange remains the largest non-DAT ETH holder by an order of magnitude. His comments followed criticism from Ethereum community members over Coinbase’s ETH sales and its reported preference for holding Bitcoin.
Pollak said Coinbase has held about 150,000 ETH through multiple market cycles. Separate figures place its corporate ETH holdings between 115,000 and 151,000 ETH, worth roughly $300 million. He also pointed to Coinbase’s wider role across Ethereum.
The exchange operates Base, one of Ethereum’s layer-2 networks, which launched in 2023. Base uses ETH for transaction fees and generates ETH through its sequencer. Coinbase operates the sequencer, which orders and processes transactions on the network.
However, critics have questioned why Coinbase would sell ETH generated through Base operations. Some community members also cited the company’s reported focus on accumulating Bitcoin.
Pollak argued that the criticism overlooks Coinbase’s broader contributions to Ethereum. He pointed to its work on EIP-4844, ERC-4337 smart wallets, USDC, cbBTC, and x402.
Ethereum Foundation member chaskin.eth also said criticism of Coinbase was misplaced. He cited Base, USDC, cbBTC, EIP-4844, ERC-4337, and x402 as examples of Coinbase’s contributions.
Pollak additionally described Coinbase as one of Ethereum’s biggest customers through Base. He said the company has also contributed significantly to EVM and Ethereum development.
Base has attracted DeFi and consumer applications while processing transactions through Ethereum. The network also reached Stage 1 decentralization, according to the supplied information.
Meanwhile, Coinbase’s position as a publicly traded U.S. exchange keeps its corporate treasury activity visible through regulatory filings. Its corporate ETH holdings remain separate from customer assets held through its custody operations.
Pollak urged the Ethereum community to stop moralizing customers who use the network. He said attacking users and participants could alienate them from the Ethereum ecosystem.
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