Cryptocurrencies
Bitcoin ETF Price War Is Trickling Down to Crypto Custodians
- Valkyrie just picked BitGo to be its secondary custodian
- Other US spot Bitcoin ETF issuers are also looking at options
Custody rates typically range from 10 basis points for the largest clients to 50 basis points for the smaller ones.
Photographer: Chris McGrath/Getty ImagesThis article is for subscribers only.
Less than a month after the debut of spot Bitcoin exchange-traded funds, the asset managers offering the investment vehicles appear to be seeking ways to bolster their own profitability.
Valkyrie Investments said Thursday that it’s retaining BitGo as a second custodian to help safeguard customer assets. Coinbase currently dominates the custody role for Bitcoin ETFs, supporting eight out of the 10 issuers, including for the roughly $113 million Valkyrie Bitcoin Fund, which trades under the BRRR ticker.