Hassan Maishera
TL;DR
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BlackRock has refiled its spot Bitcoin ETF application, days after its initial filing.
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The asset management firm has named Coinbase as its surveillance-sharing partner.
BlackRock Refiles Bitcoin ETF Application
The NASDAQ exchange has refiled its application to list BlackRock's proposed bitcoin exchange-traded fund. The stock exchange has named Coinbase as the market that would be monitored after reaching a surveillance-sharing agreement with the cryptocurrency exchange.
This latest development comes after the feedback given to applicants for spot Bitcoin ETFs by the United States Securities and Exchange Commission. According to the SEC, the filings needed to be more adequate with the name of the partner in the surveillance-sharing agreements. The partners are supposed to help guard against market manipulation.
Another filing by Fidelity has been updated, with Coinbase also listed as the the partner for the surveillance-sharing agreements. Per the agreement, the applicant must enter a surveillance-sharing agreement with a regulated market of significant size before it can proceed with the regulators.
NASDAQ came to an agreement with Coinbase on June 8th. The cryptocurrency exchange accounted for 56% of dollar-to-bitcoin trading on U.S.-based platforms since the start of the year, the filing added.
Coinbase has been the platform of choice for most applicants. Cboe's BZX Exchange listed Coinbase as the market for its surveillance-sharing agreement after it refiled for its spot Bitcoin ETF applications. Currently, CBOE is working with numerous applicants, including Fidelity, WisdomTree, VanEck, ARK Invest and Galaxy/Invesco.
