According to a Bloomberg story, the biggest asset manager in the world, BlackRock Inc., has submitted an updated application for its Bitcoin-focused exchange-traded fund (ETF) with US authorities via Nasdaq. New paperwork were filed with the US Securities and Exchange Commission by Nasdaq on behalf of BlackRock, identifying Coinbase Global Inc. as the market that would be responsible for providing monitoring in support of the proposed ETF.
“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,” the filing reads.
Last week, The Wall Street Journal reported that the U.S. Securities and Exchange Commission notified Nasdaq and Cboe that recent disclosures from BlackRock, Fidelity, and others for spot bitcoin ETF funds were not “clear and comprehensive”. Cboe updated its spot bitcoin ETF registrations, including Fidelity’s, rapidly. The exchange said it anticipated surveillance sharing arrangements with Coinbase.
Coinbase, the biggest US crypto exchange, would maintain and provide spot market data for the proposed ETF. Coinbase also works with Fidelity, which wants a Bitcoin spot ETF.
Especially for spot market funds, the SEC has made Bitcoin ETF registration onerous. Due to concerns about spot market fraud and manipulation, the SEC has rejected all spot ETF applications. The SEC authorised four Bitcoin ETFs for futures trading.
Numerous other firms, including Fidelity Investments, Invesco, VanEck, 21Shares, and WisdomTree, had updated their applications with additional information, naming Coinbase as the partner for surveillance-sharing agreements. The filing by BlackRock prompted a number of other companies to apply for similar crypto-based products. Moreover, it led a steep rally in the cryptocurrency market as a whole.
