Coinbase's Crypto Custody Dominance Reaches New Heights
Coinbase's dominance in crypto custody has reached new heights as it serves as custodian for 9 of the 11 spot Bitcoin ETFs and 8 of the 9 spot Ethereum ETFs. This translates to around 80-84% of all Bitcoin ETF assets, totaling approximately $74 billion out of a total $91.7 billion.
Coinbase has been custodying crypto assets for institutions for over 12 years, making it an obvious choice for issuers seeking a custodian with regulatory relationships and battle-tested cold storage infrastructure. BlackRock's IBIT, the largest spot Bitcoin ETF by assets, routes its BTC and ETH deposits through Coinbase Prime.
However, not all issuers rely solely on Coinbase. Fidelity's FBTC uses Fidelity Digital Assets as its custodian, while VanEck's HODL has engaged Gemini alongside Coinbase. BlackRock's IBIT also brings Anchorage Digital into the mix.