VanEck Bitcoin Trust (Cboe BZX Exchange: HODL) has expanded its custodial arrangements by entering into an agreement with Coinbase (NASDAQ:COIN), Inc., a leading digital currency exchange. The agreement, dated June 20, 2024, was disclosed in a regulatory filing with the U.S. Securities and Exchange Commission on Wednesday.
The New York-based trust, which is managed by VanEck Digital Assets, LLC, has engaged Coinbase as an additional custodian for the Trust's bitcoin holdings. Under the terms of the Coinbase Prime Broker Agreement, Coinbase will provide custodial services for a separate custodial account specifically for the Trust's bitcoin (the "Additional Bitcoin Account").
Services provided by Coinbase under this new custodial agreement include maintaining the Additional Bitcoin Vault Balance within the Additional Bitcoin Account, processing deposits from and withdrawals to public blockchain addresses as instructed by the Trust, and potentially other services that may be mutually agreed upon in the future.
The financial terms and other specific details of the agreement were not disclosed in the filing. However, the full text of the Additional Bitcoin Custodian Agreement has been filed as Exhibit 10.1 with the SEC and is incorporated by reference in the 8-K filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.