BlackRock turns Coinbase into primary execution agent in ETF filing to resolve regulatory concerns

BlackRock’s iShares Bitcoin Trust’s revised S-1 filing introduces six significant changes to its Bitcoin governance and operating structure. BlackRock’s last updated document introduced 21 core revisions, however, the December 18 document showed far fewer, which may indicate final improvements before the release in which Coinbase transitions into a Prime execution agent. Coinbase's shift in role from prime broker to primary execution agent signals a possible shift in Coinbase's responsibility for the BlackRock ETF. As the primary execution agent, Coinbase’s primary role is to process buy and sell orders on behalf of the ETF, rather than providing the broader services typically associated with prime brokers. (Cryptoslate)