The debut of U.S. spot Bitcoin ETFs puts Coinbase Global Inc. at the center of cryptocurrency's biggest mainstream moment yet. But what may seem like an enviable situation also poses a host of risks for the company and its partners.
The first exchange-traded funds that invest directly in Bitcoin began trading last week after the U.S. Securities and Exchange Commission (SEC) finally approved applications from nearly a dozen investment firms, including heavyweights like BlackRock Inc. and Franklin Templeton. The launches, which follow a years-long industry push, were heralded as a crucial development that will drive wider adoption of the world's largest cryptocurrency.
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