Coinbase Custody

What Coinbase Custody does

Coinbase Custody Trust Company is the institutional digital asset custody subsidiary of Coinbase Global Inc. (NASDAQ: COIN), founded in 2018 and headquartered in San Francisco. The company provides institutional-grade cold storage custody, qualified custodian services under SEC regulatory frameworks, and operates as the primary custodian for 9 of 11 SEC-approved US spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust (IBIT, over $40B AUM), Morgan Stanley's Bitcoin Trust, and products from Grayscale, Bitwise, Franklin Templeton, VanEck, 21Shares, and Canary Capital. Coinbase Prime oversees roughly $330 billion in institutional assets, and the broader institutional crypto custody market is estimated at $683 billion with banks and ETFs comprising over 65% of activity. The company has expanded internationally through the European market via CaixaBank (MiCA-authorized CASP partnership in Spain) and serves institutional clients across the US, UK, Germany, Spain, and Canada.

The company's technology stack is built around physical cold storage vault infrastructure, multi-layered security architecture, and a regulatory-compliant operational framework. Key capabilities include dual-custodian arrangements (e.g., Coinbase Custody and BNY Mellon co-serving Morgan Stanley's Bitcoin ETF), integrated staking services for proof-of-stake assets (Ethereum, Solana) through partnerships with Figment, Galaxy, and Coinbase Canada, and Bitcoin-backed credit collateral management (e.g., $200M facility for Hut 8 Mining with Coinbase Credit). Revenue is generated predominantly through recurring basis-point fees on assets under custody for ETF issuers and direct institutional clients including asset managers, hedge funds, family offices, corporate treasuries (e.g., GameStop), mining companies, and crypto-native firms (e.g., FalconX). The 2019 acquisition of Xapo's institutional custody business expanded early institutional capabilities, and the company has progressively captured dominant share in the regulated US spot crypto ETF custody market.

Name

Coinbase Custody

Legal name

Coinbase Custody Trust Company

Website

https://custody.coinbase.com

Company type

Private

Founded year

2018

Operating status

Operating

Short description

Coinbase Custody Trust Company is the institutional digital asset custody arm of Coinbase Global Inc., providing SEC-qualified cold storage custody for asset managers, ETF issuers, banks, and corporate treasuries. It serves as primary custodian for 9 of 11 SEC-approved US spot Bitcoin ETFs, with Coinbase Prime overseeing roughly $330 billion in institutional assets.

Ownership category

akta.pro rank

Product category

Institutional Digital Asset Custody

SIC

Finance Services (6199)

akta.pro primary industry

Digital Asset Custody (Institutional Crypto Custody) (FSAFAHAH)

akta.pro secondary industries

Institutional Qualified Custody (Banks/Trust Companies) (FSADACAA), Custody Technology Platforms (Custody-as-a-Service) (FSADACAB), Collateral Management & Margining (FSADAJAF)

Keywords

• Institutional digital asset custody
• Cryptocurrency cold storage
• Qualified ETF custodian
• Spot Bitcoin ETF custody
• Corporate treasury custody

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Custody Fees on ETF Assets: Coinbase Custody charges fees on assets under custody for ETF issuers. As primary custodian for 9 of 11 US spot Bitcoin ETFs, revenue is derived from basis points on AUM across the ETF complex.
2. Institutional Digital Asset Custody Services: Direct custody services for institutional clients including asset managers, family offices, hedge funds, and corporate treasuries managing digital asset positions.
3. Altcoin ETF Custody: Custody services for emerging altcoin ETFs including Hyperliquid (HYPE), XRP, Solana, and Cardano, positioning Coinbase as the dominant custodian across the expanding altcoin ETF market.
4. Collateral Management Services: Provides custody infrastructure that enables Bitcoin holdings to serve as collateral for credit facilities, supporting lending and treasury management use cases.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Coinbase Custody provides institutional-grade offline cold storage custody for digital assets, serving as a qualified custodian for SEC-approved spot cryptocurrency ETFs and institutional clients. It acts as the primary custodian for 9 of 11 US spot Bitcoin ETFs and extends to Ethereum, Solana, XRP, HBAR, HYPE, and BNB ETF products. The service is offered to asset managers, ETF issuers, corporate treasuries, mining firms, and traditional banks, with integrated staking and Bitcoin-collateralized credit capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Institutional Cold Storage Custody Institutional-grade offline cold storage custody service for digital assets, providing secure offline storage and multi-layered security architecture for institutional clients. Reduces cyber exposure for asset managers, ETF issuers, hedge funds, family offices, corporate treasuries, and banks.
• Spot Cryptocurrency ETF Custody

Quantifiable outcome

• Serves 9 of 11 SEC-approved Bitcoin spot ETFs, representing dominant market position
• +2 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core.

• FigmentcoreTechnology or Integration · 22 June 2026Figment provides staking services for Morgan Stanley's Ether and Solana ETFs, alongside Galaxy Blockchain Infrastructure and Coinbase Canada, enabling regulated staking within ETF structures.
• Galaxy Blockchain InfrastructurecoreTechnology or Integration · 22 June 2026Galaxy Blockchain Infrastructure provides staking services for Morgan Stanley's Ether and Solana ETFs, complementing Coinbase Canada's services for each product.
• Coinbase CanadacoreTechnology or Integration · 22 June 2026Coinbase Canada provides staking services for Morgan Stanley's Ether and Solana ETF products, enabling in-product staking capabilities.
• Bitwise Asset ManagementcoreStrategic or Co-development Partner · 12 April 2026Bitwise named Coinbase Custody as the fund's custodian for its spot Hyperliquid ETF (BHYP), structured as a Delaware statutory trust holding HYPE tokens directly and trading on NYSE Arca.
• CaixaBankcoreChannel Partner/ Reseller/ Distributor · 9 April 2026CaixaBank secured MiCA authorization as Crypto-Asset Service Provider, expanding digital asset services via Coinbase Custody as transaction partner alongside Swissquote Bank.
• Grayscale InvestmentscoreStrategic or Co-development Partner · 22 March 2026Grayscale filed S-1 application for HYPE ETF (GHYP) tracking Hyperliquid's HYPE token, listing on Nasdaq with Coinbase Custody as the custodian, marking continued expansion into single-asset crypto ETFs.
• Morgan StanleycoreStrategic or Co-development Partner · 4 March 2026Morgan Stanley named Coinbase Custody and BNY Mellon as custodians for its Morgan Stanley Bitcoin Trust (MSBT) spot Bitcoin ETF, the first major US bank to directly issue a spot Bitcoin ETF. Coinbase handles digital asset safekeeping while BNY serves as administrator, transfer agent, and cash custodian.
• BNY MelloncoreStrategic or Co-development Partner · 4 March 2026BNY Mellon serves alongside Coinbase Custody in dual-custodian arrangements for Morgan Stanley's Bitcoin ETF and other products, handling administrator, transfer agent, and cash custodian functions.
• Hut 8 Mining Corp.coreStrategic or Co-development Partner · 22 December 2025Hut 8 increased credit facility with Coinbase Credit to $200 million, with obligations secured by Bitcoin holdings held in custody with Coinbase Custody Trust Company.
• Franklin TempletoncoreStrategic or Co-development Partner · 18 November 2025Franklin Templeton plans to launch its spot XRP ETF (EZRP) with Coinbase Custody Trust Company serving as custodian for the fund's XRP holdings, trading on Cboe BZX Exchange.
• BitGocoreTechnology or Integration · 28 October 2025BitGo partners with Coinbase Custody for dual custody of certain ETF products including HBAR ETF, providing diversified custody options.
• VanEckcoreStrategic or Co-development Partner · 15 October 2025VanEck's spot Solana ETF plans to use Coinbase Custodian for safekeeping of SOL holdings, along with Gemini Trust, as part of regulated staking mechanism.
• BlackRockcoreStrategic or Co-development PartnerBlackRock's iShares Bitcoin Trust ETF (IBIT) uses Coinbase Custody as its third-party custodian, making Coinbase the custodian for the largest spot Bitcoin ETF by trading volume with over $40B AUM.
• Canary CapitalcoreStrategic or Co-development PartnerCanary Capital's HBAR ETF uses Coinbase Custody and BitGo for custody of Hedera's HBAR token, with the ETF collecting over $70M in AUM within its first six days of trading.
• BlackRockcoreStrategic or Co-development PartnerBlackRock's Bitcoin Premium Income ETF (BITA) holds bitcoin in cold storage through Coinbase Custody, competing with Goldman Sachs bitcoin fund targeting July 2026 launch.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BitGo: Leading institutional crypto custody provider; directly competes with Coinbase Custody across ETF, corporate treasury, and prime brokerage use cases, and is often named as dual custodian in Coinbase-custodied products.
• Fireblocks: Institutional digital asset custody and settlement infrastructure provider; competes for enterprise treasury and trading-firm custody mandates with technology-forward positioning.
• Anchorage Digital: Federally chartered digital asset bank providing institutional custody with staking and trading services; competes for institutional mandates from asset managers and crypto-native firms.
• Gemini Trust Company: New York-chartered trust company providing institutional crypto custody and exchange services; named alongside Coinbase Custody in some ETF custody structures and competes in the same regulated institutional segment.
• Komainu: Institutional digital asset custody joint venture backed by Nomura, Ledger, and CoinShares; competes for regulated institutional mandates with bank-grade governance.
• Fidelity Digital Assets: Fidelity's institutional crypto custody arm; keeps FBTC custody in-house rather than using Coinbase, representing a competing at-scale custody solution from a major traditional asset manager.

Regional players

• Hex Trust: Asia-based institutional digital asset custodian; competes for global mandates from Asian and European institutional clients with similar regulated custody and staking offerings.

Emerging players

• Bakkt Holdings: Institutional digital asset platform providing custody, trading, and yield services; focuses on broker-dealer and enterprise treasury use cases with overlap in the institutional custody market.

Broad incumbents

• State Street: Global custodian exploring digital asset custody services; traditional finance incumbent with deep institutional relationships that could compete for crypto custody mandates as the market matures.
• BNY Mellon: Global custodian serving as dual custodian alongside Coinbase in major ETF products; traditional finance incumbent expanding into digital asset custody with massive balance sheet and institutional relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/coinbasecustody
• LinkedInlinkedin.com/company/coinbase

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coinbase Custody