{"id":86787,"date":"2023-11-20T19:13:32","date_gmt":"2023-11-21T00:13:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/coinbase-becomes-custodian-for-wisdomtrees-bitcoin-etf-aiming-for-sec-approval\/"},"modified":"2023-11-20T19:13:33","modified_gmt":"2023-11-21T00:13:33","slug":"coinbase-becomes-custodian-for-wisdomtrees-bitcoin-etf-aiming-for-sec-approval","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86787","title":{"rendered":"Coinbase Becomes Custodian for WisdomTree&#8217;s Bitcoin ETF, Aiming for SEC Approval"},"content":{"rendered":"<div>\n<figure id=\"attachment_128302\" aria-describedby=\"caption-attachment-128302\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-128302\" class=\"wp-caption-text\">Source: Adobe \/ prima91<\/figcaption><\/figure>\n<p>Crypto exchange Coinbase (COIN) will be the official custodian for WisdomTree\u2019s spot Bitcoin ETF, according to the asset manager\u2019s recently amended S-1 filing.<\/p>\n<p>\u201cCoinbase Custody Trust Company LLC is the custodian of the Trust with respect to the Trust\u2019s bitcoin holdings,\u201d reads the November 16 filing. In its original filing on June 20, the sponsor named \u201cU.S. Bank, National Association\u201d as its custodian.<\/p>\n<p>WisdomTree was one of nearly a dozen sponsors to enter the Bitcoin ETF race immediately after BlackRock filed for its ETF in June.<\/p>\n<p>Many sponsors and exchanges have followed BlackRock\u2019s lead in terms of how to structure their funds and word their applications to meet regulatory expectations, given BlackRock\u2019s stellar track record with the Securities and Exchange Commission (SEC).<\/p>\n<p>Not only has Blackrock chosen Coinbase as its custodian, but the Cboe BZX Exchange \u2013 on which shares of BlackRock\u2019s and WisdomTree\u2019s funds will trade \u2013 has selected Coinbase as its surveillance sharing partner for both funds.<\/p>\n<p>Other applicants that have selected Coinbase for similar arrangements include Fidelity, VanECK, Ark Invest\/21Shares, Valkyrie, and Galaxy\/Invesco.<\/p>\n<h2>Coinbase\u2019s Responsibilities<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>As a custodian, Coinbase is responsible for \u201csafekeeping all of the bitcoin owned by the Trust,\u201d including any bitcoin<br \/>sent to WisdomTree\u2019s trust by authorized firms in exchange for shares.<\/p>\n<p>Coinbase will also sell Bitcoin at the sponsor\u2019s request for the purposes of paying sponsor fees or other Trust expenses and liabilities.<\/p>\n<p>\u201cThe Bitcoin Custodian will keep a substantial portion of the private keys associated with the Trust\u2019s bitcoin in \u201ccold storage\u201d or similarly secure technology,\u201d the amended filing added.<\/p>\n<p>Coinbase is the only publicly traded cryptocurrency exchange, and is subject to public audits by big-four accounting firm Deloitte. This gives it an air of legitimacy in the scandal ridden crypto world plagued bankruptcies, hacks, and opaque dealings at rival exchanges, such as FTX.<\/p>\n<p>COIN currently trades for $105.80, up 11% over the past 5 days and 36% over the past month.<\/p>\n<p>Though the SEC sued Coinbase in June for a plethora of securities law violations, the agency agrees that Bitcoin (BTC) does not qualify as a security. The agency also lost its lawsuit to Grayscale in August, boosting the outlook of ETF approval for all applicants.<\/p>\n<p>The agency\u2019s next deadline to approve or deny the WisdomTree Bitcoin Trust is January 15, though it will have to make a decision on Ark\u2019s ETF 5 days sooner.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/coinbase-becomes-custodian-for-wisdomtrees-bitcoin-etf-aiming-for-sec-approval.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe \/ prima91 Crypto exchange Coinbase (COIN) will be the official custodian for WisdomTree\u2019s spot Bitcoin ETF, according to the asset manager\u2019s recently amended S-1 filing. \u201cCoinbase Custody Trust Company LLC is the custodian of the Trust with respect to the Trust\u2019s bitcoin holdings,\u201d reads the November 16 filing. In its original filing on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81891,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-86787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Becomes Custodian for WisdomTree&#039;s Bitcoin ETF, Aiming for SEC Approval | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Adobe \/ prima91 Crypto exchange Coinbase (COIN) will be the official custodian for WisdomTree\u2019s spot Bitcoin ETF, according to the asset manager\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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