🔶#coinbase — Custodian of 84% U.S. Spot Bitcoin ETF Assets
The U.S. spot #bitcoin ETF market's $77 billion, which is 84%, is held by Coinbase Custody alone. The total market stands at $91.7 billion. Only Fidelity self-custodies its FBTC, while all other funds use Coinbase Prime.
Coinbase states that assets are held in segregated cold storage and are not lent out. The #OCC has also recently given Coinbase conditional approval for a national trust bank charter.
The risk is that the entire #etf infrastructure relies on a single custodian. If any regulatory or operational issue arises, it could shake the entire market.
Everything is running smoothly for now — but this concentration is a silent risk.
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