Coinbase Is Dominating a Key Bitcoin ETF Service. Can Anyone Else Join the Race?

Coinbase, run by CEO Brian Armstrong, currently is the custodian for five of the 12 proposed bitcoin ETFs in the U.S., a level of concentration that makes some uneasy. With Fidelity deciding to custody their own assets and VanEck picking Gemini, that leaves five applications that currently list no custodian.

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