America’s Biggest Cryptocurrency Exchange Chosen for Bitcoin ETF
One of the contenders in the spot Bitcoin exchange-traded fund race, New York asset manager WisdomTree, has submitted a revised version of its application to the Securities and Exchange Commission. WisdomTree noted that Coinbase would be the custodian for the product. This follows Coinbase’s selection as custodian and surveillance-sharing partner with other major finance firms such as Fidelity, VanEck, and BlackRock, the world’s biggest fund manager.
As a custodian, Coinbase would take care of storing the digital coins backing the fund’s shares. Surveillance-sharing refers to the activity of sharing information about trading, clearing activity, and customer identification to reduce the risks of market manipulation. Traditional finance firms view Coinbase as a trusted and legitimate institution due to its public listing on Nasdaq and status as the biggest digital asset brand in the United States.
An eight-day window for the U.S. Securities and Exchange Commission to approve spot Bitcoin ETF applications has passed, delaying two applications for approval. The SEC has until January 15 to approve or deny WisdomTree’s Bitcoin Trust.
Hot Take: Coinbase’s Growing Role in Bitcoin ETFs
Coinbase’s continuing role as a custodian and surveillance-sharing partner for major finance firms applying for Bitcoin ETFs showcases its growing influence and trust within the industry. As the biggest cryptocurrency exchange in America, Coinbase’s involvement in securing and monitoring Bitcoin trust funds further solidifies its position as a reliable and crucial player in the push for mainstream adoption of digital assets.
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