Wall Street Says Coldcard Hack May Boost Coinbase, Spot Bitcoin ETF Demand
JH Kim
Summary
- Wall Street said the Coldcard hack could have a positive effect on some crypto-related companies and help expand demand for spot Bitcoin (BTC) ETFs.
- Cantor Fitzgerald said Coldcard users may move to professional custody services, potentially leading to customer inflows and revenue growth at Robinhood (HOOD), Coinbase (COIN), BitGo (BTGO), Bullish (BLSH), eToro (ETOR) and Gemini (GEMI).
- FRNT Financial said the incident highlighted the pros and cons of self-custody, making spot Bitcoin ETFs a more attractive alternative for investors who do not want the burden of managing private keys.
Forecast Trend Report by Period
The Coldcard hack could benefit some crypto-related companies and help drive demand for spot Bitcoin exchange-traded funds, CoinDesk reported on August 5.
Cantor Fitzgerald said some Coldcard users may shift to professional custody services after the incident. That could lead to customer inflows and higher revenue for Robinhood (HOOD), Coinbase (COIN), BitGo (BTGO), Bullish (BLSH), eToro (ETOR) and Gemini (GEMI).
FRNT Financial, a crypto platform focused on institutional investors, said the incident has once again highlighted the trade-offs of self-custody. Spot Bitcoin ETFs could become a more attractive alternative for investors who do not want the burden of managing private keys.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.