Coinbase’s Custody Success: A Major Player in Nearly Every U.S. Bitcoin ETF Application Over a dozen asset managers
have applied to launch a Bitcoin spot ETF in the United States this year – and Coinbase is poised to serve
as custodian for virtually all of them.
The firm’s custody arm,
Coinbase Custody, is listed as a custodian in the S-1 registration forms for physically-backed Bitcoin ETPs sponsored by ARK, Bitwise, WisdomTree, I
nvesco, Valkyrie, Global X, and Franklin Templeton, according to Bloomberg ETF analyst James Seyffart.
That’s not all:
Grayscale, owner of the world’s largest Bitcoin fund,
will continue using Coinbase to manage its 600,000+ BTC upon its planned transition into an exchange-traded fund.
BlackRock, which tapped Coinbase Custody for its institutional BTC trading service last year
, will also allow the firm to manage its fund’s coins. “Coinbase looks dominant,” said Seyffart regarding the applicants’ custodians of choice.
“Though i wouldn’t be surprised to see some of these ETFs have more than one custodian at some point down the line. There’s enough players — there will be competition.”
