BlackRock has transformed Coinbase into a Prime execution agent in the ETF registration to address regulatory issues

BlackRock's amendment to the iShares Bitcoin Trust S-1 form introduced six major changes in its Bitcoin management and operational structure, as well as cash holdings. BlackRock's last update brought 21 core amendments, however, the content shown in the December 18th document is much less, which may indicate final improvements before release. Coinbase has transitioned to a Prime execution agent. Coinbase's role has shifted from a primary broker to a primary execution agent, suggesting that Coinbase's responsibilities for the BlackRock ETF may have changed. As a primary execution agent, Coinbase's main function is to handle buy and sell orders on behalf of the ETF rather than providing broader services typically associated with a primary broker.