In a recent revelation of Coinbase’s performance, it stated that the fourth quarter exceeded forecasts, leading to a notable increase in the value of COIN stock.
CEO Brian Armstrong, recently revealed that the majority of assets held in Coinbase’s custodial services are invested in Bitcoin ETFs in the U.S., making them the second-largest commodity ETFs after gold.
Coinbase acts as the custodian for around 90% of the $37 billion in assets held within Bitcoin ETFs. However, this raises the question of whether should one entity hold this huge majority of Bitcoin ETF assets or not.
Given that many US banking institutions operate under SEC oversight, they may likely receive approval for such services shortly.
The most recent Coinbase report emphasizes the substantial influx of institutional investments into the eleven existing U.S. spot Bitcoin ETFs, which have amassed over $4.2 billion in total so far this year.
The report highlights that institutional investors adapting to the new ETF landscape are expected to provide robust support for Bitcoin’s market dynamics.
Also Read: Coinbase Debuts Perpetual Futures Trading for DOT, ICP, NEAR
