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The most recent filing regarding asset manager BlackRock’s attempt to launch a Bitcoin spot exchange-traded fund (ETF) included a “joint oversight agreement” with cryptocurrency exchange Coinbase.
According to a filing filed on June 29 with the U.S. Securities and Exchange Commission, the Nasdaq stock exchange has re-applied for a proposed rule change to allow the listing of the BlackRock Bitcoin (BTC) exchange-traded fund. The filing included details of a June 8 agreement between Nasdaq and Coinbase “intended to complement the exchange’s market surveillance program” and provide access to data on BTC spot transactions.
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
The publication of the SEC filing follows ARK Investment Management amending its spot BTC ETF filing to include a joint oversight agreement with the Chicago Board Options Exchange (Cboe) and an unnamed U.S.-based cryptocurrency exchange. Some have speculated that an agreement was made with Coinbase at the time, which apparently may have conflicted with the BlackRock ETF application.
Related: Will the BlackRock ETF push Bitcoin’s price skyrocketing?
The SEC reportedly said on June 30 that Nasdaq and Cboe crypto ETF filings were not “clear and comprehensive enough,” suggesting that the filings include additional details about oversight mechanisms. BlackRock first applied for a spot BTC ETF on June 15th.
As of press time, the U.S. securities regulator has not approved any spot ETFs related to investments in cryptocurrencies, despite numerous applications from market participants. In June 2022, Grayscale Investments filed a lawsuit against the SEC, alleging that the regulator failed to “apply a consistent approach to similar investment vehicles.”