Executives at Coinbase used a recent company ‘AMA’ call to address growing scrutiny around Bitcoin exchange-traded funds, defending the firm’s dominant role as a custodian and pushing back against claims that spot Bitcoin ETFs are backed by “paper Bitcoin” rather than real assets.

Responding to a question from Bloomberg’s James Seyffart, Coinbase CEO Brian Armstrong said the company holds a commanding share of the U.S.-listed Bitcoin ETF custody market, estimating Coinbase’s share at more than 80%. He framed that concentration as a competitive advantage rather than a risk.

“We do have pretty dominant market share in terms of custody for the ETFs. I see that as a…

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