Coinbase has taken a massive lead in crypto custody, as revealed by CEO Brian Armstrong in a new update. According to Armstrong, Coinbase now holds custody over 81% of the $140 billion worth of crypto assets stored in US-based ETFs. This is a major sign of trust from institutions and asset managers looking for secure storage solutions.
Coinbase Strengthens Institutional Grip as ETF Filings and Corporate Adoption Rise
Armstrong also shared that eight of the top ten publicly traded companies holding Bitcoin on their balance sheets use Coinbase Prime. Coinbase Prime is the company’s platform designed for institutions to securely buy, sell, and store large amounts of crypto. This widespread use highlights Coinbase’s strong reputation among major corporate clients.
In addition to these stats, Armstrong said Coinbase has been tracking more than 50 new ETF filings since the start of the year. This shows that interest in crypto ETFs is growing fast, and many new products could hit the market soon.
The increase in ETF filings is a sign that traditional finance is moving deeper into crypto, and this company stands at the center of this shift. The crypto platform has also benefited from this rising institutional interest in other ways.
Stock Soars as Institutional Focus Fuel Bullish Outlook
According to a recent report from Bernstein, Coinbase’s dominance in institutional flows is now a major factor behind its business success. The research firm raised its price target for Coinbase stock to $510, showing strong confidence in the company’s growth strategy.
On Thursday, the company’s stock price hit a four-year high of $375.07. Investors agree that the company’s strong position in the ETF and institutional custody space could keep driving growth in the coming years.
As more ETFs enter the market and more large firms adopt crypto, Coinbase’s leadership could become even stronger. Coinbase has moved far beyond its early image as just a simple crypto exchange.
Its focus on serving large institutions and offering secure custody services is now a key part of its business. By winning the trust of big players, Coinbase has positioned itself as an essential piece of crypto’s connection to traditional finance.
Earlier, the crypto company announced plans to launch perpetual futures that will mirror global perpetual futures market.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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