According to ChainCatcher, BlackRock and Coinbase have updated the custody agreement to optimize the iShares Bitcoin Trust ETF operation process. According to the document submitted to the U.S. Securities and Exchange Commission (SEC) on September 16, the revision is intended to improve the withdrawal process and asset management during unsettled transactions.

Specifically, Coinbase Custody shortens the time to process withdrawals from Vault balances to public blockchain addresses, even if the transaction credit has not yet been settled. The new agreement allows the trust to withdraw Bitcoin from the Vault or transaction balance as long as the total account balance is equal to the unsettled transaction credit.

According to SEC documents, the revised agreement requires Coinbase Custody to process withdrawal requests within 12 hours of receiving trust instructions.