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Coinbase Secures Eighth Spot for Ethereum ETF Custodian, Founder: SEC Confirms Ethereum is Not a Security

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Coinbase Secures Eighth Spot for Ethereum ETF Custodian, Founder: SEC Confirms Ethereum is Not a Security

An Ethereum spot ETF is set to be publicly listed on July 23rd. In addition to major issuers, the institution that stands to benefit significantly is Coinbase.

BlackRock's Ethereum fund ETHA has entered the market with a holding of tens of millions of pounds, holding over three thousand Ether coins.

Coinbase Becomes Custodian for 8 Ethereum ETFs

Coinbase tweeted about why Ethereum ETFs are a significant milestone in the crypto space.

The tweet mentioned the robust Ethereum ecosystem, with over 15 million monthly active addresses and a 300% growth in deployed smart contracts by 2023.

Ethereum spot ETFs also help enhance the utility of Ethereum and further expand the scale and breadth of the crypto market.

Following the custody of 8 out of 11 Bitcoin ETF issuers earlier this year, Coinbase has now secured custody for 8 out of 9 Ethereum ETFs.

Brian Armstrong Flexes Muscles: Custodian for 90% of BTC ETF Assets, Coinbase Wallet to Become Super App

Coinbase Tweet

Coinbase Founder: Ethereum is Not a Security

In addition to retweeting their own tweet, Coinbase founder Brian Armstrong emphasized how SEC approval of Ethereum ETFs contributes to regulatory clarity:

ETH is not a security! We've been saying it for years, and today the SEC finally officially declared it.

Bitwise: 10% of ETF Profits Donated to Developers

Furthermore, in response to the approval of Ethereum ETFs, issuer Bitwise tweeted that their ETFW fund will make the following commitments:

  • Funds directly invested in the ETF

  • Management fee of 0.2%, waived for the first six months or until reaching $500 million in total

  • 10% of profits donated to Ethereum open-source developers

  • Public disclosure of the fund's Ethereum address for transparency