Rumors alleging Coinbase (COIN) was issuing bitcoin IOUs to BlackRock were quickly shut down by industry experts as well as Coinbase CEO Brian Armstrong on Monday.
Over the weekend, well-followed X crypto analyst Tyler Durden accused Coinbase of allowing BlackRock – the issuer behind the largest spot bitcoin exchange-traded fund – to borrow bitcoin without providing collateral, which would allow manipulation of the market and profit from the resulting price swings.
Durden’s allegations came following a post from Tron founder Justin Sun on X, who described Coinbase’s new wrapped bitcoin product (cbBTC) as “trust me” given it lacked Proof of Reserves or audits and could freeze balances at any time.
“Any U.S. government subpoena could seize all your BTC," Sun wrote. "There's no better representation of central bank Bitcoin than this. It's a dark day for BTC."
In response to both allegations, Coinbase's Armstrong explained that the ETFs are minted and burned and settled on chain within one business day and that institutional clients have the option to use trade financing and over-the-counter options before the trades are fully settled.
Durden later deleted his tweet.
“I don’t believe these rumors and conspiracy theories for one second,” James Seyffart, ETF analyst at Bloomberg, told CoinDesk. “It’s another in the long line of bad takes on ETFs.”
Seyffart reiterated the need for more issuers, including BlackRock, to share digital wallet addresses with the public to increase transparency. Crypto-native spot bitcoin ETF issuer Bitwise has done so for both its bitcoin and spot ethereum funds and was applauded for it by industry experts.
Bloomberg senior ETF analyst Eric Balchunas criticized the bitcoin community for blaming the ETFs for the recent selling pressure in the market, “instead of looking in the mirror.”
“[People] who invest in BTC are generally skeptical of [the government] and institutions (which I get),” he wrote in a post on X. However, he said that BlackRock “isn’t playing around” and that the asset manager would “flip out” if Coinbase was “screwing around with their bitcoin.”
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