Crypto exchange Coinbase (Nasdaq: COIN) is increasing its presence in institutional crypto custody, reflecting its expanding role in the financial infrastructure supporting digital assets for corporations and exchange-traded funds (ETFs). Coinbase chief executive officer Brian Armstrong shared on social media platform X on June 27 that the company’s institutional arm has made notable gains among publicly traded firms and ETF providers.

Armstrong stated:

Our institutional team is crushing it – two awesome stats from our QBR this week.

The first, according to Armstrong, is that eight of the top 10 publicly traded companies holding bitcoin on their balance sheets use Coinbase Prime. The second is that $140 billion in crypto assets are held in U.S. ETFs, with 81% of that stored with Coinbase. He added that the company has tracked more than 50 new ETF filings since the beginning of the year.

The announcement followed Coinbase’s quarterly business review (QBR), an internal meeting to assess performance and set strategic priorities. Armstrong’s comments indicate a focus on institutional growth and a larger presence in the ETF market. The statistics highlight Coinbase’s role in providing digital asset custody and execution services for high-value clients.

COIN hit a new all-time high of $382.00 on June 26, closing that day at $375.07. The surge reflects a broader crypto market rally, rising institutional adoption, and favorable legislative prospects, including the potential passage of the GENIUS Act for stablecoins.

Coinbase Custody plays a central role for heavyweight clients like Blackrock and Strategy, safeguarding their substantial bitcoin holdings. Blackrock uses Coinbase Prime to secure BTC in its Ishares Bitcoin Trust (IBIT) ETF, while Strategy also entrusts Coinbase with custody of its bitcoin reserves—underlining the platform’s relevance in institutional-grade asset protection.

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