The recent approval of 11 spot bitcoin ETFs in the United States is heralded as a watershed moment for cryptocurrency, allowing it to reach a broader audience, assert Coinbase Institutional executives Brett Tejpaul and Greg Tusar. This development has already generated a remarkable $20 billion in trading volume, with eight of the ETFs choosing Coinbase as a custodian. Prominent financial entities like JPMorgan, Jane Street, Cantor Fitzgerald, and Macquarie Capital have also been named as authorized participants, showcasing significant client demand across the board.
Despite initial challenges, including operational adjustments requested by the SEC, Coinbase executives commend the ETFs’ smooth launch. They anticipate gradual asset accumulation in these products, acknowledging that widespread adoption may take months or even years. For Coinbase, this marks the next exciting chapter in the crypto asset class’s evolution.