Crypto Bank Anchorage Digital Challenges Coinbase's ETF Custody Dominance
Portfolio Pulse from Murtuza Merchant
Anchorage Digital Bank has been appointed as a custodian for the ARK 21Shares Bitcoin ETF, challenging Coinbase's dominance in the crypto ETF custody market. This move by 21Shares to diversify its custody partners could reshape the competitive landscape and influence other ETF issuers.
September 12, 2024 | 2:35 pm
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POSITIVE IMPACT
The ARK 21Shares Bitcoin ETF has appointed Anchorage Digital Bank as a custodian, marking a shift towards multi-custodial approaches in the crypto ETF market. This move could enhance security and reduce concentration risk.
The appointment of Anchorage Digital Bank as a custodian for ARK 21Shares Bitcoin ETF aligns with a trend towards multi-custodial approaches, which could enhance security and attract more investors to the ETF.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Coinbase's dominance in the crypto ETF custody market is being challenged by Anchorage Digital Bank, which has been appointed as a custodian for the ARK 21Shares Bitcoin ETF. This diversification by 21Shares could disrupt Coinbase's market position.
Coinbase has been the primary custodian for U.S. Bitcoin ETFs, but the appointment of Anchorage Digital Bank as a custodian for ARK 21Shares Bitcoin ETF indicates a shift towards custody diversification. This could reduce Coinbase's market share and influence.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80