{"id":569782,"date":"2024-01-16T19:00:39","date_gmt":"2024-01-16T19:00:39","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=569782"},"modified":"2024-06-11T07:04:32","modified_gmt":"2024-06-11T07:04:32","slug":"coinbase-bitcoin-spot-etfs","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/coinbase-bitcoin-spot-etfs\/","title":{"rendered":"Crypto Community Raises Alarm Over Coinbase’s Dominance Of Bitcoin Held In Spot ETFs"},"content":{"rendered":"

Coinbase<\/span><\/a>, the largest cryptocurrency exchange in the United States, is presently serving as the custodian of the majority of the <\/span>Spot Bitcoin ETFs<\/span><\/a> managed by various asset management companies in the industry. This notable concentration is raising worries in the crypto community about significant centralization and potential risks associated with the custodianship.\u00a0<\/span><\/p>\n

Coinbase Dominate ETFs As Major Custodian<\/h2>\n

Coinbase\u2019s significant role in the advancement of Spot Bitcoin ETFs has become a target of scrutiny in the crypto community. The American crypto exchange is currently the <\/span>custodian<\/span><\/a> of 9 out of 11 Spot Bitcoin ETF companies, including <\/span>BlackRock<\/span><\/a>, <\/span>Grayscale<\/span><\/a>, Ark\/21 Shares, <\/span>Bitwise<\/span><\/a>, WisdomTree, Invesco\/Galaxy, Valkyrie, GlobalX, and Franklin Templeton.\u00a0<\/span><\/p>\n

Related Reading: American Investment Bank TD Cowen Says Ethereum ETF Will Be Delayed<\/a><\/div>\n

Notably, only <\/span>Fidelity<\/span><\/a> and <\/span>VanEck<\/span><\/a> have opted for alternative custodianship approaches. Fidelity is employing a self-custody program for its Spot Bitcoin ETF, while VanEck has selected Gemini, a crypto exchange, as the custodian for its Spot BTC ETF.\u00a0<\/span><\/p>\n

The prominent role of Coinbase as the major custodian for Spot BTC ETFs has raised serious questions and concerns in the crypto community. Specifically, <\/span>Gabor Gurbacs<\/span><\/a>, Director of Digital Assets Strategy at VanEck, has deemed Coinbase’s concentrated level of custodianship to be a \u201cdouble-edged sword.\u201d\u00a0<\/span><\/p>\n

Gurbacs stated that Coinbase would bear substantial responsibility as the primary custodian for Spot Bitcoin ETFs and would reap significant benefits from it. However, he also hinted at potential counterparty <\/span>risks<\/span><\/a> associated with concentrating assets within a single entity.\u00a0<\/span><\/p>\n

Similarly, a crypto analyst on <\/span>X<\/span><\/a> (formerly Twitter) highlighted the potential for increased scrutiny from the United States Securities and Exchange Commission (SEC) regarding Coinbase, given its prominent position in the Spot Bitcoin ETF market. The crypto exchange is presently in a <\/span>legal battle<\/span><\/a> with the SEC, and many crypto enthusiasts <\/span>believe<\/span><\/a> that Coinbase\u2019s regulatory challenges may pose a threat to the success of Spot BTC ETFs.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price breaks $43,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Coinbase CFO Bullish On Bitcoin ETFs<\/h2>\n
The Chief Financial Officer of Coinbase, Alesia Haas appeared recently in an interview on <\/span>Bloomberg TV<\/span><\/a>, discussing the effects of Spot Bitcoin ETFs in the crypto market.\u00a0<\/span><\/p>\n
Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network<\/a><\/div>\n
When asked if the momentum of Spot Bitcoin ETFs would become a \u201cgame-changer\u201d in the future, Haas responded confidently with a resounding \u201cabsolutely.\u201d<\/span><\/p>\n
The Coinbase CFO declared that the <\/span>SEC\u2019s approval of Spot Bitcoin ETFs<\/span><\/a> was an important day for crypto, as it positions Bitcoin into a much broader investable asset class. She also revealed that the deployment of Spot Bitcoin ETFs would allow investors to have greater access to <\/span>BTC<\/span><\/a> products, extending its reach to billions of people around the globe and increasing the amount of inflows into ETFs.\u00a0<\/span><\/p>\n
Featured image from Ripples Nigeria, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Coinbase, the largest cryptocurrency exchange in the United States, is presently serving as the custodian of the majority of the Spot Bitcoin ETFs managed by various asset management companies in the industry. This notable concentration is raising worries in the crypto community about significant centralization and potential risks associated with the custodianship.\u00a0 Coinbase Dominate ETFs As Major Custodian Coinbase\u2019s significant role in the advancement of Spot Bitcoin ETFs has become a target of scrutiny in the crypto community. The American crypto exchange is currently the custodian of 9 out of 11 Spot Bitcoin ETF companies, including BlackRock, Grayscale, Ark\/21 Shares, Bitwise, WisdomTree, Invesco\/Galaxy, Valkyrie, GlobalX, and Franklin Templeton.\u00a0 Related Reading: American Investment Bank TD Cowen Says Ethereum ETF Will Be Delayed Notably, only Fidelity and VanEck have opted for alternative custodianship approaches. Fidelity is employing a self-custody program for its Spot Bitcoin ETF, while VanEck has selected Gemini, a crypto exchange, as the custodian for its Spot BTC ETF.\u00a0 The prominent role of Coinbase as the major custodian for Spot BTC ETFs has raised serious questions and concerns in the crypto community. Specifically, Gabor Gurbacs, Director of Digital Assets Strategy at VanEck, has deemed Coinbase’s concentrated level of custodianship to be a \u201cdouble-edged sword.\u201d\u00a0 Gurbacs stated that Coinbase would bear substantial responsibility as the primary custodian for Spot Bitcoin ETFs and would reap significant benefits from it. However, he also hinted at potential counterparty risks associated with concentrating assets within a single entity.\u00a0 Similarly, a crypto analyst on X (formerly Twitter) highlighted the potential for increased scrutiny from the United States Securities and Exchange Commission (SEC) regarding Coinbase, given its prominent position in the Spot Bitcoin ETF market. The crypto exchange is presently in a legal battle with the SEC, and many crypto enthusiasts believe that Coinbase\u2019s regulatory challenges may pose a threat to the success of Spot BTC ETFs.\u00a0 BTC price breaks $43,000 | Source: BTCUSD on Tradingview.com Coinbase CFO Bullish On Bitcoin ETFs The Chief Financial Officer of Coinbase, Alesia Haas appeared recently in an interview on Bloomberg TV, discussing the effects of Spot Bitcoin ETFs in the crypto market.\u00a0 Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network When asked if the momentum of Spot Bitcoin ETFs would become a \u201cgame-changer\u201d in the future, Haas responded confidently with a resounding \u201cabsolutely.\u201d The Coinbase CFO declared that the SEC\u2019s approval of Spot Bitcoin ETFs was an important day for crypto, as it positions Bitcoin into a much broader investable asset class. She also revealed that the deployment of Spot Bitcoin ETFs would allow investors to have greater access to BTC products, extending its reach to billions of people around the globe and increasing the amount of inflows into ETFs.\u00a0 Featured image from Ripples Nigeria, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":569794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,9960,656,86326,1119,89185,1144,78790,1393,15524,89193],"class_list":["post-569782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-spot-etf","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-coinbase","tag-coinbase-news","tag-etf-news"],"acf":[],"yoast_head":"\nCrypto 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/shenyangcang.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Community Raises Alarm Over Coinbase’s Dominance Of Bitcoin Held In Spot ETFs","url":"http:\/\/shenyangcang.com\/news\/coinbase-bitcoin-spot-etfs\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/coinbase-bitcoin-spot-etfs\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-Coinbase.jpeg?resize=200%2C165","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-Coinbase.jpeg?fit=306%2C165"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin etfs","bitcoin news","bitcoin spot etf","btc","btc news","btcusd","btcusdt","coinbase","coinbase news","etf news"],"dateCreated":"2024-01-16T19:00:39Z","datePublished":"2024-01-16T19:00:39Z","dateModified":"2024-06-11T07:04:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Community Raises Alarm Over Coinbase’s Dominance Of Bitcoin Held In Spot ETFs\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/coinbase-bitcoin-spot-etfs\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/coinbase-bitcoin-spot-etfs\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-Coinbase.jpeg?resize=200%2C165\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-Coinbase.jpeg?fit=306%2C165\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin etfs\",\"bitcoin news\",\"bitcoin spot etf\",\"btc\",\"btc news\",\"btcusd\",\"btcusdt\",\"coinbase\",\"coinbase news\",\"etf news\"],\"dateCreated\":\"2024-01-16T19:00:39Z\",\"datePublished\":\"2024-01-16T19:00:39Z\",\"dateModified\":\"2024-06-11T07:04:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/01\/Bitcoin-Coinbase.jpeg?fit=306%2C165","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/569782"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=569782"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/569782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/569794"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=569782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=569782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=569782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}