Coinbase and Microstrategy shares rally following Cboe’s refiled Bitcoin ETF applications.

Bitcoin-adjacent stocks rallied on Monday in response to Friday’s news that Cboe’s BZX Exchange had refiled its applications for several spot bitcoin exchange-traded funds (ETFs).

Shares in crypto exchange Coinbase (COIN), which was chosen to be the market for surveillance-sharing agreements in the ETF applications, rose more than 10% to over $80 at around 11:30 ET on Monday.

Cboe has been working with a number of providers to finally get an application for a spot bitcoin ETF approved by the U.S. Securities and Exchange Commission (SEC), including Fidelity, WisdomTree and ARK Invest. Meanwhile, BlackRock (BLK) is doing the same with Nasdaq.

After having their applications rejected by the SEC for not naming the exchange they were working with on surveillance-sharing agreements, Cboe refiled, naming Coinbase as the firm in question.

COIN’s upward trend mirrored that of BTC itself, which was up around 2% on the day above $31,000 around the same time.

Microstrategy (MSTR), the business intelligence firm which holds over $4.6 billion worth of bitcoin (BTC), also saw its shares rally, rising around 10% to $375, their highest level in over a year.

The increasing chances of a spot bitcoin ETF finally getting approved by the SEC is seen by crypto analysts as bullish for BTC, since it could simplify adoption by traditional investors with stock accounts.

Read More: Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein

Edited by Bradley Keoun.