WisdomTree adds Coinbase as Bitcoin ETF custodian

New York-based asset management company WisdomTree submitted a revised application for a physically-backed Bitcoin exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC) yesterday. The company manages nearly $97 billion in assets and stated in the report that Coinbase will serve as the custodian for the product. As the custodian, Coinbase will be responsible for storing the digital assets that support the fund's shares. Monitoring and sharing refers to activities that share trading, settlement, and customer identity information to reduce market manipulation risks. The SEC must approve or reject WisdomTree's Bitcoin Trust by January 15th.