Golden Finance reported that Brian Armstrong, founder and CEO of Coinbase, denied speculation that the company had sold paper Bitcoin to BlackRock and did not maintain 1:1 support. In a statement to cryptocurrency analyst Tyler Durden published on X, Armstrong explained that the Bitcoin minting and destruction of the BlackRock Spot Bitcoin ETF are transparent and carried out on the chain. Durden shared data from Cryptoquant showing that Coinbase is the largest buyer and seller at market highs and lows. In addition, he hinted that the exchange allowed BlackRock to borrow Bitcoin without providing collateral. Since BlackRock is one of the world's largest Bitcoin holders, the analyst said the two companies may profit by controlling the decline and rise of cryptocurrencies.