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BlackRock and other financial firms compete to launch first Bitcoin ETF with Coinbase as key partner

BlackRock and other major players on Wall Street are vying to offer the first Bitcoin ETF on the spot market, with Coinbase as their surveillance-sharing partner and custodian. Despite facing a lawsuit from the SEC over unregistered securities, Coinbase is still considered a legitimate and crucial institution by those competing in the ETF race.

All five of the spot ETF Bitcoin applicants working with the Chicago Board of Exchange have chosen Coinbase as their preferred surveillance partner. While Coinbase's stock value has risen steadily since the BlackRock filing, industry experts caution that the market's reliance on Coinbase to fulfill multiple roles is unhealthy and more players are needed for institutions to fully embrace crypto.

Bitcoin Bitcoin $62,918.68
+2.88%
BlackRock Bitcoin ETF Coinbase
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