- The Spot Bitcoin ETF has made headlines in the crypto market over the past few days.
- Bitcoin ETF filings directly impacted the Coinbase stock price.
In the world of the crypto market, the Bitcoin Exchange Traded Fund (ETF) has caught the attention of the crypto community. Recently, the former chairman of the U.S. Securities and Exchange Commission (SEC) stated that the Bitcoin ETF should be approved. While these things are going around, Cboe, the global market, has made a significant move that has added more pressure on the SEC.
JUST IN – All 5 of CBOEs spot #Bitcoin ETF applications have reached surveillance-sharing agreements with Coinbase.
— Bitcoin Magazine (@BitcoinMagazine) July 11, 2023
Now all eyes on the SEC 👀
On June 11, all five Bitcoin ETF applications from the Cboe added a Surveillance Sharing Agreement (SSA) with the leading crypto exchange Coinbase. The Cboe updated the BTC ETF filings with the U.S. SEC from Invesco, VanEck, WisdomTree, Fidelity, and the joint fund by ARK Invest. The updated filings clearly show that it has reached out to Coinbase to enter into the Surveillance Sharing Agreement.
In the earlier filings, Cboe mentioned that it was expecting to enter into a surveillance-sharing agreement with Coinbase. However, the agreement was settled on June 21 for each filing. On Tuesday, they showed the updated original filings with the U.S. SEC.
Coinbase’s Stock Price Surges After Bitcoin ETF Filings
The Surveillance Sharing Agreement, which is referred to as SSA, has become the most important part of Bitcoin ETF applications after the SEC comments. The U.S. SEC has stated that these agreements are necessary to prevent market manipulation.
The Spot Bitcoin ETF has made headlines in the crypto market over the past few days. Recently, the SEC rejected the Bitcoin filings, saying that the filings were not sufficiently clear and comprehensive. After the SEC comments, every firm has started refiling the BTC ETF with the SEC. As the whole crypto market is waiting for the SEC’s approval, Cboe filings have added more pressure on the SEC to approve the BTC ETF requests.
The updated Bitcoin ETF filings directly impacted the Coinbase stock price, which went up. After the recent Cboe BTC ETF filing, the price rose significantly. The Coinbase share price experienced an impressive surge of over 10% on Tuesday. Moreover, it has reached its highest price since August 16, according to Google Finance.
