Key Takeaways
- • Grayscale's Bittensor Trust added Coinbase, Inc. as an additional custodian, with the trust becoming a party to the Coinbase Prime Broker Agreement on September 29, 2026.
- • The sponsor amended the Coinbase Prime Broker Agreement on September 29, 2026, which makes Coinbase a secondary custodian for the trust's digital assets.
- • The Coinbase Prime Broker Agreement governs custody, trading, and committed trade financing, and treats each client's arrangement as a separate agreement with the Coinbase entities.
Summary
Grayscale's Bittensor Trust has added Coinbase as a secondary custodian for its digital assets. According to trust disclosures, the Trust became a party to the Coinbase Prime Broker Agreement on September 29, 2026, and the trust's sponsor amended that agreement on the same date to bring in Coinbase, Inc. as an additional custodian. The filing summaries describe Coinbase as a secondary custodian, indicating that the arrangement adds a second custody provider rather than replacing an existing one.
The Coinbase Prime Broker Agreement sets the terms under which clients open and maintain prime brokerage accounts with the Coinbase entities. Per the agreement's SEC-filed exhibit, the framework includes a custody agreement through Coinbase Custody Trust Company, LLC, a master trading agreement, and a committed trade financing agreement, with Coinbase, Inc. acting on behalf of itself and its affiliates. The agreement is structured so that each client's arrangement operates as a separate contract, and no client bears liability for the obligations of another.
The available material does not give a full account of the trust's rationale or any associated changes to fund operations, and it does not state the value of assets moved to Coinbase. Readers should consult the trust's amended filings for those details.
The Coinbase Prime Broker Agreement sets the terms under which clients open and maintain prime brokerage accounts with the Coinbase entities. Per the agreement's SEC-filed exhibit, the framework includes a custody agreement through Coinbase Custody Trust Company, LLC, a master trading agreement, and a committed trade financing agreement, with Coinbase, Inc. acting on behalf of itself and its affiliates. The agreement is structured so that each client's arrangement operates as a separate contract, and no client bears liability for the obligations of another.
The available material does not give a full account of the trust's rationale or any associated changes to fund operations, and it does not state the value of assets moved to Coinbase. Readers should consult the trust's amended filings for those details.
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