Binance Claims $58B in Bitcoin – But Is It Really That Simple?

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Oh, so Binance just released its 30th proof-of-reserves report. Big deal, right? The “world’s largest cryptocurrency exchange” is holding $58 billion in Bitcoin and another $82 billion in other cryptocurrencies. Yeah, I know, that’s a lot of zeros.

This “snapshot” was taken on May 1, 2025. It’s supposed to inspire confidence after the whole FTX thing, you know, because who doesn’t trust a website that looks like it was built in 1999? According to Binance, this report proves they’re accountable. Sure, sure, whatever you say, Binance.

In case you’re wondering, they still have all the usual suspects in their holdings—Bitcoin (BTC), Ethereum (ETH), BNB, Solana (SOL), and XRP. Oh, and let’s not forget the stablecoins like USDT, FDUSD, and USDC. Gotta have those, right? Everyone loves stablecoins. Nothing screams “reliable” like a coin tied to a fiat currency that’s also as volatile as… well, cryptocurrency.

Now, the Bitcoin stash is worth a cool $58 billion, based on the current price of $96,500 per BTC. But wait—this is down by 1.35% from last month. That’s right, folks, a slight dip. Could be because some users are pulling out, maybe selling, or maybe just plain old market uncertainty. But who knows? I mean, what does a mere 1.35% drop mean in this wild world of crypto?

Ethereum (ETH) also took a little tumble, dropping by 3.36%. Now they’re sitting on 5,281,746 ETH, valued at about $9.5 billion. The native token, BNB, didn’t fare much better, with a small 0.74% decline. But no worries, Binance still has 39,244,785 BNB, which is about $23 billion worth. Phew, right?

Meanwhile, Tether (USDT) is the real winner here, with a 2.61% surge, reaching 29.05 billion USDT—aka $29 billion. Yeah, people seem to be running toward stablecoins, probably as a hedge against, you know, the chaos that is crypto. Because who wouldn’t want to hold something as “stable” as a stablecoin?

The combined value of ETH, BNB, and USDT is around $67 billion, and with an extra $15 billion in other crypto assets, their non-BTC holdings total around $82 billion. So, it’s not like they’re sitting on their hands, folks. They’re diversified—into other cryptos, of course. Because, sure, that’s reassuring.

Binance’s total user assets are estimated at a whopping $140 billion, according to CoinMarketCap. They’re using zero-knowledge cryptography and Merkle Tree audits to make sure everything checks out. But don’t worry, they’re not counting their corporate holdings in the PoR calculation. I mean, that would just be too simple, right?

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2025-05-07 22:41