{"id":575632,"date":"2024-02-17T09:00:48","date_gmt":"2024-02-17T09:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=575632"},"modified":"2024-02-17T09:53:47","modified_gmt":"2024-02-17T09:53:47","slug":"coinbase-custody-accounts-for-90-of-all-bitcoin-etfs-details","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinbase\/coinbase-custody-accounts-for-90-of-all-bitcoin-etfs-details\/","title":{"rendered":"Coinbase Custody Accounts For 90% Of All Bitcoin ETFs – Details"},"content":{"rendered":"

Coinbase Custody reportedly now holds over 90% of all Bitcoin ETFs in the United States. This development was revealed by the crypto exchange\u2019s CEO, Brian Armstrong, while appraising the company\u2019s performance in the fourth quarter (Q4) of 2023.<\/span><\/p>\n

Related Reading: 4 Surprising Insights From Coinbase\u2019s Earnings, COIN Sees Bullish Surge<\/a><\/div>\n

Coinbase Emerges As Major Player In Bitcoin ETF Market<\/strong><\/h2>\n

In an X post on February 16,<\/a> Brian Armstrong shared specific highlights of Coinbase\u2019s achievement in Q4 2023. In particular, He noted that the American crypto exchange has played a crucial part in facilitating the adoption of cryptocurrencies by traditional financial firms (TradFi).<\/span><\/p>\n

A major part of this adoption is the Bitcoin ETF market<\/a> which is worth $37 billion, ranking as the second largest commodity ETF market after Gold. Armstrong noted that Coinbase has played a significant role in this development, serving as custodian for 90% of the investment funds in the Bitcoin ETF market.<\/span><\/p>\n

\n

A few thoughts on our Q4 Earnings yesterday:<\/p>\n

2023 was a great year for Coinbase and we\u2019re in a strong financial position. We cut costs by 45% y\/y and shipped products faster with a leaner team driving $95 million of positive net income for 2023, $964 million in positive Adj.\u2026 pic.twitter.com\/XK8f0EQBdP<\/a><\/p>\n

\u2014 Brian Armstrong \ud83d\udee1\ufe0f (@brian_armstrong) February 16, 2024<\/a><\/p><\/blockquote>\n

For context, a custodian is a regulated financial institution that holds customers’ securities and assets, providing protection against any form of loss or theft. Notably, Coinbase is listed as the custodian for eight of the 11 recently launched Bitcoin spot ETFs. These include BlackRock\u2019s IBIT, Ark Invest\u2019s ARKB, Bitwise\u2019s BITB, and Grayscale\u2019s GBTC, among others.<\/span><\/p>\n

These statistics indicate that Coinbase is well placed to record larger milestones as the top traditional financial institutions are tipped to finally invest in Bitcoin ETFs, especially upon the proven success and stability of the Bitcoin spot ETFs.<\/span><\/p>\n

According to Armstrong, other notable Coinbase achievements in Q4 2024 include the launch of the exchange\u2019s international wing, and the layer-2 blockchain solution Base. The crypto exchange also claimed to slash its annual costs by 45% while generating a total income of $3.1 billion.<\/span><\/p>\n

Related Reading: Bitcoin ETFs Threaten Gold\u2019s Dominance As Digitalization Trends Gain Momentum<\/a><\/div>\n

Looking Forward To 2024<\/strong><\/h2>\n

In retrospect to 2024, Armstrong stated that Coinbase will maintain focus on its international expansion and new derivatives products. In addition, they will aim to promote the adoption of crypto payments by transforming the Coinbase wallet into a super app.\u00a0<\/span><\/p>\n

Finally, the exchange CEO states that Coinbase will continue to advocate for a clear regulatory framework applicable to the crypto space. Armstrong says that Coinbase is committed to this course and is willing to explore all means, including legal processes as well as engaging the federal legislators.<\/span><\/p>\n

\r\n\r\n\"Coinbase\"COIN trading at $180.28 on the trading chart | Source: COIN chart on Tradingview.com<\/a>\r\n<\/span><\/pre>\n
Featured image from CNBC, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Coinbase Custody reportedly now holds over 90% of all Bitcoin ETFs in the United States. This development was revealed by the crypto exchange\u2019s CEO, Brian Armstrong, while appraising the company\u2019s performance in the fourth quarter (Q4) of 2023. Related Reading: 4 Surprising Insights From Coinbase\u2019s Earnings, COIN Sees Bullish Surge Coinbase Emerges As Major Player In Bitcoin ETF Market In an X post on February 16, Brian Armstrong shared specific highlights of Coinbase\u2019s achievement in Q4 2023. In particular, He noted that the American crypto exchange has played a crucial part in facilitating the adoption of cryptocurrencies by traditional financial firms (TradFi). A major part of this adoption is the Bitcoin ETF market which is worth $37 billion, ranking as the second largest commodity ETF market after Gold. Armstrong noted that Coinbase has played a significant role in this development, serving as custodian for 90% of the investment funds in the Bitcoin ETF market. A few thoughts on our Q4 Earnings yesterday: 2023 was a great year for Coinbase and we\u2019re in a strong financial position. We cut costs by 45% y\/y and shipped products faster with a leaner team driving $95 million of positive net income for 2023, $964 million in positive Adj.\u2026 pic.twitter.com\/XK8f0EQBdP \u2014 Brian Armstrong \ud83d\udee1\ufe0f (@brian_armstrong) February 16, 2024 For context, a custodian is a regulated financial institution that holds customers’ securities and assets, providing protection against any form of loss or theft. Notably, Coinbase is listed as the custodian for eight of the 11 recently launched Bitcoin spot ETFs. These include BlackRock\u2019s IBIT, Ark Invest\u2019s ARKB, Bitwise\u2019s BITB, and Grayscale\u2019s GBTC, among others. These statistics indicate that Coinbase is well placed to record larger milestones as the top traditional financial institutions are tipped to finally invest in Bitcoin ETFs, especially upon the proven success and stability of the Bitcoin spot ETFs. According to Armstrong, other notable Coinbase achievements in Q4 2024 include the launch of the exchange\u2019s international wing, and the layer-2 blockchain solution Base. The crypto exchange also claimed to slash its annual costs by 45% while generating a total income of $3.1 billion. Related Reading: Bitcoin ETFs Threaten Gold\u2019s Dominance As Digitalization Trends Gain Momentum Looking Forward To 2024 In retrospect to 2024, Armstrong stated that Coinbase will maintain focus on its international expansion and new derivatives products. In addition, they will aim to promote the adoption of crypto payments by transforming the Coinbase wallet into a super app.\u00a0 Finally, the exchange CEO states that Coinbase will continue to advocate for a clear regulatory framework applicable to the crypto space. Armstrong says that Coinbase is committed to this course and is willing to explore all means, including legal processes as well as engaging the federal legislators. COIN trading at $180.28 on the trading chart | Source: COIN chart on Tradingview.com Featured image from CNBC, chart from TradingView<\/p>\n","protected":false},"author":581,"featured_media":575633,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88391],"tags":[532,86326,5888,1379,1393],"class_list":["post-575632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coinbase","tag-bitcoin-etf","tag-bitcoin-spot-etf","tag-brian-armstrong","tag-coin","tag-coinbase"],"acf":[],"yoast_head":"\nCoinbase Custody Accounts For 90% Of All Bitcoin ETFs - Details<\/title>\n<meta name=\"description\" content=\"Coinbase custody reportedly now holds over 90% of all Bitcoin ETFs in the United States according to the company's CEO Brian Armstrong.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/coinbase\/coinbase-custody-accounts-for-90-of-all-bitcoin-etfs-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Custody Accounts For 90% Of All Bitcoin ETFs - 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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