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Couldn't they do it partially by betting that not all their customers would withdraw their funds simultaneously? Lot of less technically inclined people seem to keep their coins on one exchange like Coinbase

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But then if this was true, that would mean the real bitcoin supply is actually worth more than it is now.

Good point. I am taking for granted that people will have their coins in their wallets, and lot just leave them up on an exchange.

how many people do you think keep their bitcoins in wallets vs on exchanges?

don't know, but I would think leaving it on an exchange is a terrible idea (Mt. Gox)

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