BlackRock refiles Bitcoin ETF application with Coinbase as surveillance-sharing partner.

The Nasdaq exchange has resubmitted its application to list BlackRock’s proposed bitcoin exchange-traded fund. In doing so, it has followed the lead of its competitors by naming the U.S. exchange Coinbase as the market that will be monitored through a surveillance-sharing agreement.

This resubmission comes after feedback from U.S. securities regulators who deemed previous filings for spot bitcoin ETFs “inadequate” without the inclusion of the partner’s name in the surveillance-sharing agreements. These agreements are intended to prevent market manipulation.

Several other pending applications, including one from BlackRock’s rival Fidelity, have since been updated to name Coinbase as the partner for surveillance-sharing agreements. According to the U.S. Securities and Exchange Commission’s previous rulings, a bitcoin trust sponsor must enter into a surveillance-sharing agreement with a regulated market of significant size in order to gain regulatory approval.

The recent filing from Nasdaq reveals that the exchange reached an agreement with Coinbase on June 8 regarding a surveillance-sharing arrangement. According to the filing, Coinbase has accounted for approximately 56% of dollar-to-bitcoin trading on U.S.-based platforms year-to-date.

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The initial June 15 filing for a BlackRock ETF required a surveillance-sharing agreement, but did not specify which exchange would serve as the partner.

On Friday, the Wall Street Journal reported, citing anonymous sources, that representatives of Nasdaq and Cboe were informed by Securities Exchange Commission (SEC) officials that their bitcoin ETF listing applications were “inadequate” because they did not disclose the name of the surveillance-sharing partner.

Later that same day, Cboe’s BZX Exchange named Coinbase as the market for its surveillance-sharing agreement when resubmitting its spot bitcoin exchange-traded fund applications. Cboe is collaborating with potential issuers Fidelity, WisdomTree, VanEck, ARK Invest, and Galaxy/Invesco.

These money managers are hoping to successfully launch a bitcoin spot ETF, a proposal that the SEC has rejected for several years.

Shares of Coinbase (COIN) have seen an approximately 8% increase in the past 24 hours. Stocks related to bitcoin have also experienced significant gains, with Microstrategy’s stock rising 35% in the past day.

Edited by Bradley Keoun.