America's largest cryptocurrency exchange Coinbase has again been selected as one of the competitors in the Bitcoin ETF competition.
New York asset manager Wisdomtree filed an updated version of its app with the Securities and Exchange Commission yesterday for a bitcoin exchange-traded fund.
In it, the firm, which has approximately $97 billion in assets under management, It is mentioned That Coinbase will be the custodian for the product.
San Francisco-based Coinbase is a custodian and tracking sharing partner for other investors—Fidelity, VanEck, Ark Invest's 21Shares, Valkyrie and Invesco—notably, including the world's largest fund manager, BlackRock.
In July, the Wall Street titan selected Coinbase will be the custodian and monitoring sharing partner in the revised filing after the initial June application.
As a custodian, Coinbase takes care of storing the digital coins that back the fund's shares. Trace-sharing refers to the sharing of information about trading, clearing activity and customer identification to reduce market fraud risks.
Traditional financial institutions applying for Bitcoin ETFs chose Coinbase because they see it as a trusted and legitimate institution: the crypto exchange went public on the Nasdaq two years ago and is the largest digital asset brand in the States.
An eight-day window opened last week in which the US Securities and Exchange Commission could sit on the table and approve a long list of Bitcoin ETF applications, but the deadline passed today. Delayed two applications, withholding approval
The SEC has until January 15 to approve or deny WisdomTree's Bitcoin Trust.
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