Coinbase executive Jesse Pollak denies ETH sale claims, highlights ecosystem efforts

Jesse Pollak, a Coinbase executive leading Ethereum layer-two network Base, pushed back on claims that the company has been selling Ethereum, while highlighting Coinbase’s contributions to the ecosystem. Recent criticism in the Ethereum community has centered on claims that Coinbase has been selling ETH, including sequencer revenue generated through Base, while accumulating assets mainly in Bitcoin. On X, Pollak rejected the claim, saying, "Coinbase is by far the largest holder of ETH among non-DAT institutions." Coinbase currently holds about 115,000 to 151,000 ETH in corporate treasury assets, worth roughly $300 million. Pollak also pointed to the company’s broader ecosystem role beyond treasury decisions, citing its involvement in the EIP-4844 upgrade that lowered transaction fees, its co-development of USDC, and the onboarding of millions of users. Pollak added that Base, which launched in 2023, recently reached Stage 1 decentralization, reducing centralized control and extending its growth momentum.