Coinbase Named As Trusted Partner and Custodian of Eight Ethereum ETFs, Says CEO Brian Armstrong

Coinbase is serving as a custodian for eight of the nine newly approved Ethereum (ETH) exchange-traded funds (ETFs), according to Brian Armstrong, the exchange’s chief executive.

Nine Ethereum ETFs kicked off trading in the US on Tuesday, including products from BlackRock, Fidelity, 21Shares, Invesco, Franklin Templeton, VanEck, and Bitwise, as well as two different funds from Grayscale.

Of those newly approved ETFs, only Fidelity isn’t tapping Coinbase as a custodian, with the firm choosing to use itself instead, according to a graphic shared by James Seyffart, an ETF research analyst at Bloomberg Intelligence.

VanEck names Gemini as a primary custodian for its ETF but says in its filing with the Securities and Exchange Commission (SEC) that it will utilize Coinbase Custody as an “additional custodian.”

Armstrong says the launches are a “huge step forward for regulatory clarity.”

“ETH is not a security! We’ve been saying it for years and today the SEC finally made it official.”

Seyffart noted on Tuesday evening that Ethereum ETFs witnessed approximately $165 million worth of outflows on their first day, primarily due to $484.1 million leaving Grayscale’s ETF product, which converted from the preexisting Grayscale Ethereum Trust.

The ETF analyst’s numbers do not include the totals from BlackRock and Invesco, however.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price ActionFollow us on X, Facebook and TelegramSurf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Coinbase Named As Trusted Partner and Custodian of Eight Ethereum ETFs, Says CEO Brian Armstrong appeared first on The Daily Hodl.