BlackRock’s Bitcoin ETF filing lists Coinbase as a partner for surveillance sharing.
BlackRock, an asset management company, has recently filed for a spot Bitcoin exchange-traded fund (ETF), and this filing included a “surveillance-sharing agreement” with Coinbase, a cryptocurrency exchange.
On June 29, the Nasdaq stock exchange submitted a proposed rule change to the United States Securities and Exchange Commission (SEC) to allow the listing of BlackRock’s Bitcoin (BTC) ETF. The filing disclosed an agreement between Nasdaq and Coinbase on June 8, which aims to enhance the exchange’s market surveillance program and provide access to data on spot BTC trades.
JUST IN: BlackRock has re-filed for spot bitcoin ETF, the resubmission was dated 6/29, Nasdaq just posted tho. They just added Coinbase like everyone else. pic.twitter.com/UGq46DdLgu
— Eric Balchunas (@EricBalchunas) July 3, 2023
After the SEC filing was released, ARK Investment Management revised its spot BTC ETF application to include a surveillance-sharing agreement with the Chicago Board Options Exchange (Cboe) and an unnamed U.S.-based crypto exchange. Some speculated that the agreement was with Coinbase, which could potentially conflict with BlackRock’s ETF application.
Related: Will BlackRock’s ETF slingshot Bitcoin’s price skyward?
On June 30, the SEC reportedly stated that the crypto ETF filings with Nasdaq and Cboe were not “sufficiently clear and comprehensive.” The SEC suggested that the applicants provide additional information on surveillance arrangements. BlackRock initially applied for the spot BTC ETF on June 15.
As of the time of publication, the U.S. securities regulator has not approved any spot ETF linked to crypto investments, despite numerous applications from market participants. Following the denial of its spot Bitcoin ETF in June 2022, Grayscale Investments filed a lawsuit against the SEC, alleging inconsistent treatment of similar investment vehicles.
Magazine: SEC calls ETF filings inadequate, Binance loses euro partner and other news: Hodler’s Digest, June 25 – July 1
