Coinbase is serving as a custodian for eight of the nine newly approved Ethereum (ETH) exchange-traded funds (ETFs), according to Brian Armstrong, the exchange’s chief executive.
Nine Ethereum ETFs kicked off trading in the US on Tuesday, including products from BlackRock, Fidelity, 21Shares, Invesco, Franklin Templeton, VanEck, and Bitwise, as well as two different funds from Grayscale.
Of those newly approved ETFs, only Fidelity isn’t tapping Coinbase as a custodian, with the firm choosing to use itself instead, according to a graphic shared by James Seyffart, an ETF research analyst at Bloomberg Intelligence.
VanEck names Gemini as a primary custodian for its ETF but says in its filing with the Securities and Exchange Commission (SEC) that it will utilize Coinbase Custody as an “additional custodian.”
Armstrong says the launches are a “huge step forward for regulatory clarity.”
“ETH is not a security! We’ve been saying it for years and today the SEC finally made it official.”
Seyffart noted on Tuesday evening that Ethereum ETFs witnessed approximately $165 million worth of outflows on their first day, primarily due to $484.1 million leaving Grayscale’s ETF product, which converted from the preexisting Grayscale Ethereum Trust.
The ETF analyst’s numbers do not include the totals from BlackRock and Invesco, however.
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Generated Image: Midjourney