- Coinbase will act as an SSA partner
- Two days ago, Cboe re-bid for Bitcoin spot ETFs
Nasdaq submits a new application for a spot bitcoin ETF from BlackRock, and Coinbase will act as an observation partner. Now the application for iShares Bitcoin Trust will be similar to other companies.
The exchange has announced that it has reached an agreement with cryptocurrency exchange Coinbase regarding joint surveillance, with the hope of making a final decision before the start of trading. The statement writes:
“A bilateral cooperative oversight agreement between Nasdaq and Coinbase is being established to establish Spot BTC SSA. It will complement the exchange’s market watch program.”
The action was taken after the US Securities and Exchange Commission called “inadequate” applications for spot bitcoin ETFs. In a statement, the SEC wrote that the filings by BlackRock, Fidelity and other companies did not meet the requirements for clarity and comprehensiveness.
After that, Cboe quickly updated their documentation on individual offerings. Wording was included that the exchange plans to enter into a joint oversight agreement with Coinbase.
The agency has yet to approve a spot bitcoin ETF. Proposals may face hurdles from the Commission, as it has raised concerns about the potential for fraud and market manipulation in its review of pre-bids.
You can read more about what Bitcoin-ETF is in our material.