Coinbase Custody Accounts For 90% Of All Bitcoin ETFs

12:30 pm
February 17, 2024
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# Coinbase Custody Accounts for 90% of Bitcoin ETFs in the US

**Summary:**
Coinbase Custody, a service offered by leading US-based cryptocurrency exchange Coinbase, has reportedly become the custodian for over 90% of all Bitcoin Exchange-Traded Funds (ETFs) in the United States. This information was disclosed by Coinbase’s CEO, Brian Armstrong, as part of the company’s performance review for the fourth quarter of 2023.

**Coinbase’s Growing Influence in the Bitcoin ETF Market**

In a recent post on February 16, Brian Armstrong shared highlights of Coinbase’s performance in Q4 2023. Notably, he emphasized Coinbase’s role in facilitating the adoption of cryptocurrencies by traditional financial firms (TradFi), particularly in the Bitcoin ETF market, which is valued at $37 billion. Armstrong emphasized that Coinbase serves as the custodian for the majority of investment funds in the Bitcoin ETF market, indicating the company’s significant influence in this sector.

As a custodian, Coinbase holds securities and assets on behalf of its customers, offering protection against potential loss or theft. The company is listed as the custodian for eight out of 11 recently launched Bitcoin spot ETFs, including those offered by prominent investment firms such as BlackRock, Ark Invest, Bitwise, and Grayscale.

**Future Outlook and Expansion Plans**
Looking ahead to 2024, Armstrong stated that Coinbase will continue to focus on its international expansion and introduce new derivatives products. Additionally, the company aims to promote the adoption of crypto payments by evolving the Coinbase wallet into a super app. Coinbase also remains committed to advocating for a clear regulatory framework for the crypto space and is open to exploring legal avenues and engaging with federal legislators.

**Additional Achievements and Financial Performance**
Coinbase also highlighted other achievements in Q4 2023, including the launch of its international wing and the introduction of the layer-2 blockchain solution Base. The company reported a significant reduction in its annual costs by 45% while generating a total income of $3.1 billion.

**Looking at 2024 and Beyond**
Coinbase’s significant role as the custodian for the majority of Bitcoin ETFs positions it well to attain further milestones, especially as traditional financial institutions are anticipated to enter the Bitcoin ETF market in light of the success and stability of Bitcoin spot ETFs.

*Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments, and naturally, investing carries risks. You are advised to conduct your research before making any investment decisions. Use the information provided on this website entirely at your own risk.*

**FAQ**

**Q: What is Coinbase Custody?**
A: Coinbase Custody is a secure and regulated platform that offers institutional clients access to a range of crypto assets, providing a secure and reliable way to store cryptocurrencies.

**Q: What are Bitcoin ETFs?**
A: Bitcoin Exchange-Traded Funds (ETFs) are investment products that track the price of Bitcoin and allow investors to gain exposure to the cryptocurrency without having to directly hold it.

**Q: How does Coinbase’s dominance in Bitcoin ETF custodianship impact the cryptocurrency market?**
A: Coinbase’s position as the custodian for a significant majority of Bitcoin ETFs reflects its growing influence in the cryptocurrency market and signals its pivotal role in facilitating the adoption of digital assets by traditional financial institutions. This dominance positions Coinbase to potentially play a key role in the future investments of large financial firms in the cryptocurrency space.

**Q: What are Coinbase’s plans for international expansion?**
A: Coinbase aims to continue its international expansion efforts, enhancing its presence in global markets and reaching a broader audience of cryptocurrency users and investors. This expansion aligns with the company’s strategy to grow its customer base and strengthen its position as a leading cryptocurrency exchange globally.


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