Eight of the tip 10 bitcoin-keeping public companies rely on Coinbase, which now furthermore custodies an wonderful 81% of the $140 billion in crypto property held by ETFs.
$140 Billion in US Crypto ETFs: Coinbase Custodies 81% of Total
Crypto alternate Coinbase (Nasdaq: COIN) is rising its presence in institutional crypto custody, reflecting its expanding aim in the monetary infrastructure supporting digital property for companies and alternate-traded funds (ETFs). Coinbase chief government officer Brian Armstrong shared on social media platform X on June 27 that the company’s institutional arm has made famous gains among publicly traded companies and ETF suppliers.
Armstrong acknowledged:
Our institutional group is crushing it – two awesome stats from our QBR this week.
The first, in accordance with Armstrong, is that eight of the tip 10 publicly traded companies keeping bitcoin on their stability sheets exercise Coinbase Prime. The second is that $140 billion in crypto property are held in U.S. ETFs, with 81% of that kept with Coinbase. He added that the company has tracked extra than 50 new ETF filings because the initiating of the year.
The announcement adopted Coinbase’s quarterly industry evaluate (QBR), an internal meeting to assess efficiency and remark strategic priorities. Armstrong’s feedback demonstrate a focal level on institutional enhance and a increased presence in the ETF market. The statistics highlight Coinbase’s aim in providing digital asset custody and execution companies and products for high-fee purchasers.
COIN hit a new all-time high of $382.00 on June 26, closing that day at $375.07. The surge shows a broader crypto market rally, rising institutional adoption, and favorable legislative possibilities, including the ability passage of the GENIUS Act for stablecoins.
Coinbase Custody plays a central aim for heavyweight purchasers cherish Blackrock and Approach, safeguarding their huge bitcoin holdings. Blackrock makes exercise of Coinbase Prime to exact BTC in its Ishares Bitcoin Have confidence (IBIT) ETF, whereas Approach furthermore entrusts Coinbase with custody of its bitcoin reserves—underlining the platform’s relevance in institutional-grade asset safety.
