The Currency analytics
By Julie Binoche
Brian Armstrong breaks his silence. The Coinbase CEO addressed the rumors swirling on social media regarding Bitcoin ETFs during an AMA session.
James Seyffart from Bloomberg asked the tough question. Armstrong then revealed a striking figure: Coinbase controls more than 80% of Bitcoin ETF custody in the United States.
Armstrong acknowledges that this concentration raises legitimate questions. Large ETFs often diversify their custodians as assets grow.
Security is the key battleground for Coinbase. Armstrong detailed the arsenal deployed: regularly tested cold storage systems, repeated audits, and patents on custody technology.
On Twitter and Reddit, the chatter is intense. Some claim that Bitcoin ETFs are not truly backed by real Bitcoin.
Alesia Haas, the CFO, dives into the heart of the matter. Critics often demand a public "proof of reserves." Like disclosing on-chain wallet addresses linked to ETF holdings.
Haas emphasizes external audits. The custody sector undergoes separate scrutiny. Coinbase produces SOC 1 and SOC 2 reports showing that controls are working well.
Each custody client sees their on-chain assets and knows the addresses linked to their holdings.
The discussion shifts to the CLARITY Act. Armstrong refutes rumors that Coinbase has withdrawn its support for the bill. "I think the bill will materialize.
Negotiations continue between lawmakers, regulators, and industry players. Armstrong expects a market structure bill to be passed.
On February 17, 2026, Armstrong mentioned partnerships with several major banks. He refuses to name them specifically.
Haas revealed that the company recently hired an independent audit firm to assess its security and compliance procedures. Results are expected in the coming months.
Armstrong also discussed Bitcoin's volatility and its impact on ETFs. Despite price fluctuations, demand for Bitcoin ETFs remains strong.
New ETF products could arrive this year. Armstrong mentioned it without giving a specific date.
The Securities and Exchange Commission closely monitors this concentration. Gary Gensler had already expressed concerns about excessive centralization in the crypto ecosystem.