- Cboe has resubmitted a spot Bitcoin exchange-traded fund (ETF) application managed by Fidelity to the U.S. Securities and Exchange Commission (SEC).
- Cboe is making efforts to file a spot Bitcoin ETF application that will be approved by the SEC, working with several providers including Fidelity, WisdomTree, and ARK Invest.
- On Monday, Coinbase’s stocks closed at $80.63, an increase of 12.69%, and the stock prices have doubled since the beginning of the year.
Coinbase’s role in overseeing the resubmission of spot Bitcoin ETF applications, which the SEC found to be incomplete, has increased interest in COIN shares.
Is Coinbase Getting Rid of the SEC?
On Friday, Cboe resubmitted a spot Bitcoin exchange-traded fund (ETF) application managed by Fidelity to the U.S. Securities and Exchange Commission (SEC). In this application, Coinbase was reported to be designated as the crypto platform that would assist the exchange in monitoring ETF manipulation.
According to knowledgeable sources, Cboe attempted to address SEC concerns that it did not identify crypto trading platforms that would help detect fraud in the underlying Bitcoin markets in its initial application. Cboe is making efforts to file a spot Bitcoin ETF application that will be approved by the U.S. Securities and Exchange Commission (SEC), working with several providers including Fidelity, WisdomTree, and ARK Invest. Meanwhile, BlackRock is doing the same with Nasdaq.
On Monday, Coinbase’s stocks closed at $80.63, an increase of 12.69%, and the stock prices have doubled since the beginning of the year.
The world’s largest cryptocurrency, Bitcoin, reached its highest level in over a year after BlackRock and Fidelity announced plans to launch Bitcoin exchange-traded funds (ETFs) last month.
Bitcoin rose 2.5% to $31,370, while the world’s second-largest cryptocurrency, Ethereum, rose 2.8% to $1,968. Microstrategy (MSTR) stocks, holding $4.6 billion worth of Bitcoin (BTC), also rose 13.10% to $387.
SEC Rejects Multiple BTC ETFs
In recent years, the SEC has rejected dozens of spot Bitcoin ETF applications on the grounds of non-compliance with standards set to prevent fraud and manipulative practices and protect investors. The ETF industry is trying to find a solution to this concern.
These applications came just weeks after the SEC filed lawsuits against Coinbase and Binance for alleged rule violations as part of regulatory scrutiny. Both parties deny the allegations.
Crypto analysts believe that the increasing likelihood of SEC approval for a spot Bitcoin ETF is positive for BTC because it could facilitate adoption by traditional investors with stock accounts.
Nasdaq Resubmits BlackRock’s Bitcoin ETF Application to the SEC
BlackRock has resubmitted documents through Nasdaq to American authorities, including additional filings with additional documents showing that Coinbase Global Inc. will provide market surveillance to support the largest asset manager’s proposed ETF. On Monday, the exchange filed an additional application with additional documents indicating that Coinbase Global Inc. will provide market surveillance to support the largest asset manager’s proposed ETF.
Analysts believe that monitoring the crypto market will be crucial for obtaining SEC approval for a spot Bitcoin ETF. Surveillance could significantly reduce fraud and market manipulation, which the SEC has rejected approximately 30 spot Bitcoin ETF applications for so far.
BlackRock’s initial application in mid-June sparked a race among other issuers for similar filings and generally caused a surge in cryptocurrencies. Bitcoin has gained over 15% in the past month. Many cryptocurrency investors are excited because a future spot ETF could provide better access for average investors.
