Blackrock News: @BlackRock ammends their Custody agreement with @coinbase - files with @SECGov

As detailed in the SEC filing, the amendment updates Section 2.1 of the Custodial Services Agreement. Coinbase Custody must now process a withdrawal of digital

BlackRock’s fund management arm recently made a decision that aims to make the Bitcoin spot ETF more appealing to Bitcoin maximalists.

BlackRock is the world’s largest fund management firm. Earlier this year, the United States Securities and Exchange Commission (SEC) approved several Bitcoin spot ETF applications, which were filed by multiple fund managers, including BlackRock. Since then, BlackRock has become the top digital asset fund manager, with its Bitcoin spot ETF fund, IBIT, seeing high trade volumes.

Now, Coinbase Custody has updated its Custodial Services Agreement in a recent SEC filing, mandating that withdrawals of digital assets to a public blockchain address must occur within 12 hours of receiving instructions from the Trust or its authorized representatives. This update applies, provided that specific balance requirements are met.

Blackrock News: @BlackRock ammends their Custody agreement with @coinbase – files with @SECGov As detailed in the SEC filing, the amendment updates Section 2.1 of the Custodial Services Agreement. Coinbase Custody must now process a withdrawal of digital assets to a public… pic.twitter.com/zzhcmzvqoB

This amendment is not intended to satisfy the traders of Bitcoin spot ETF products, Coinbase, or BlackRock, but rather aims to garner support from Bitcoin maximalists.

Over the last 10 days, many Bitcoin enthusiasts have claimed that Bitcoin spot ETF products have caused substantial losses in the Bitcoin spot market, alleging that top fund managers suppress Bitcoin’s trade price due to the delay between actual Bitcoin trades and Bitcoin spot ETF product trades. Some crypto advocates have even speculated that BlackRock and Coinbase create a favorable environment for price manipulation.

Top executives and supporters of Bitcoin spot ETF products have clarified their stance on such speculations, relying on facts to counter the allegations.

However, this latest decision by BlackRock is likely to garner significant support from critics, ensuring that Bitcoin’s trade price is not manipulated, either through financial practices, intentionally or unintentionally.

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