According to data shared by crypto influencer John Brown, 91% of Bitfinex exchange’s reserves are Bitcoin (BTC) and Ethereum (ETH).
Coinbase follows Bitfinex as a close second by having 63% of its reserves in Bitcoin and Ethereum, according to additional information added by Brown.
— John Brown (@john_j_brown) November 21, 2022
Crypto.com comes as the third exchange with the most significant Ethereum and Bitcoin percentages at 52%.
Leading exchange Binance is placed at the bottom of the list by having only 15% of its reserves consisting of Bitcoin or Ethereum.
Proof of reserves
Upon the FTX collapse, Binance CEO Changpeng Zhao suggested that all exchanges publish their proof-of-reserves. Many exchanges followed Zhao’s advice and published their documents, including Bitfinex, Crypto.com, Binance, OKX, and Coinbase.
According to its proof-of-reserves, Bitfinex holds around 207,356.67967717 Bitcoins and 1,225.600 Ethereums.
Crypto.com’s 52% equates to 53,024 Bitcoins and 391,564 Ethereum, according to its proof of reserves. The exchange also stated that its Bitcoin and Ethereum are worth around $3 billion when combined with Crypto.com’s other holdings.
Binance also published its proof of funds on Nov. 11. The exchange disclosed that it held around $69 billion worth of digital assets. It also detailed that it had 475,000 Bitcoin and 4.8 million Ethereum, which consists of only 15% of the exchange’s reserves. Binance also holds 58 million BNB and 17.6 billion USDT, amongst others.