The Rise of Coinbase as a Leading Custodian for Cryptocurrency ETFs
The American cryptocurrency exchange Coinbase (NASDAQ) is strengthening its position in the crypto industry, becoming the primary custodian for most of the cryptocurrency exchange-traded funds (ETFs) available in the United States. The company is now responsible for storing assets for 10 out of the 11 bitcoin ETFs approved earlier this year, as well as for 8 out of 9 ethereum ETFs that are starting trading on July 23.
Bitcoin ETFs Trusted to Coinbase
Coinbase will provide custodial services for bitcoin funds such as iShares Bitcoin Trust (IBIT) from BlackRock, Grayscale Bitcoin Trust (GBTC) from Grayscale, Franklin Bitcoin ETF (EZBC) from Franklin Templeton, Invesco Galaxy Bitcoin ETF (BTCO) from Invesco and Galaxy Digital, WisdomTree Bitcoin Trust (BTCW) from WisdomTree, Valkyrie Bitcoin Fund (BRRR) from Valkyrie, Bitwise Bitcoin ETP Trust (BITB) from Bitwise, as well as ARK 21Shares Bitcoin ETF (ARKB) from ARK Invest and 21Shares.
Ethereum ETFs Now Included
On Monday, July 23, the U.S. Securities and Exchange Commission (SEC) also approved trading for ethereum spot ETFs. Coinbase will be providing asset storage for funds such as iShares Ethereum Trust (ETHA) from BlackRock, Grayscale Ethereum Trust (ETHE) and Grayscale Ethereum Mini Trust (ETH) from Grayscale, Franklin Ethereum ETF (EZET) from Franklin Templeton, Bitwise Ethereum ETF (ETHW) from Bitwise, 21Shares Core Ethereum ETF (CETH) from ARK Invest and 21Shares, as well as Invesco Galaxy Ethereum ETF (QETH) from Invesco and Galaxy Digital.
The Importance of Coinbase in the Cryptocurrency ETF Market
This move underscores the growing role of Coinbase in managing cryptocurrency assets and its importance for the development and stability of the cryptocurrency ETF market in the United States. The exchange provides reliability and security, which are critical for the successful operation of these financial instruments and for attracting institutional investors.
