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BitGo Left Out as Coinbase Dominates Custody Services for Bitcoin ETFs

Coinbase has been the only third party chosen to provide custody services for bitcoin ETF applications, leaving BitGo, a major crypto custodian, on the sidelines. BitGo CEO Mike Belshe has stated that his company is in talks with ETF issuers and is working with "many" of the applicants. While Coinbase has dominated the race to provide custody services for bitcoin ETFs, several firms, including VanEck and Global X, have yet to choose their custody partner, leaving the possibility for BitGo or crypto exchange Gemini to appear on someone's bitcoin ETF application eventually. The concentration of bitcoin custody with one custodian, Coinbase, has raised concerns, but regulatory clarity in the US limits the number of suitable companies for the role.