- Coinbase stock price has surged 12% post the recent announcement.
- BlackRock finalized a surveillance agreement with Coinbase (COIN) in a new filing.
After receiving feedback from authorities that their proposed exchange-traded fund for Bitcoin spot markets was inadequate, BlackRock has resubmitted a revised proposal.
BlackRock has addressed one of the primary concerns the SEC has voiced when rejecting applications for Bitcoin spot ETFs in the past, saying it will be finalizing a surveillance agreement with Coinbase in a new filing submitted on its behalf by the Nasdaq exchange.
The filing read:
“The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the Exchange’s market surveillance program.”
All Eyes on SEC
Coinbase, the biggest cryptocurrency exchange in the United States, will act as the ETF’s custodian and provide price data based on current market conditions. Fidelity, which is looking to launch its own Bitcoin spot ETF, has also entered into a deal with Coinbase to use its services. Coinbase stock price has surged 12% post the recent announcement.
Furthermore, after reports surfaced that BlackRock, the biggest asset manager in the world, was registering for the ETF, the price of Bitcoin skyrocketed. As many companies have flocked to file their own ETF registrations since the filing was originally applied on June 15, Bitcoin’s price has increased by almost 20%.
Moreover, the markets were so optimistic on June 30 that news that the SEC had rejected BlackRock’s application was largely disregarded.
Due to concerns about fraud and manipulation in the spot market, the SEC has not accepted any applications for spot ETFs so far. The SEC, on the other hand, has greenlighted futures trading on four Bitcoin ETFs.
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