BlackRock and Grayscale recently met with the Securities and Exchange Commission (SEC), presumably to discuss the approval requirements for their spot Bitcoin ETF applications.

Coinbase, which offers both Bitcoin custody and Bitcoin brokerage products, has emerged as the proposed custodian for the Bitcoin assets of several ETF applicants. Mike Belshe, CEO of BitGo, recently raised concerns about Coinbase’s dual role as an exchange and custodian. Although his position is clearly aligned with his self-interest, since BitGo is a custodian that does not operate an exchange, Belshe warned that Coinbase’s dual role might lead to the SEC rejecting those applications.

Despite these concerns,…

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