ETF

Cboe, which conducts spot Bitcoin ETF applications for investment management firms, announced that an agreement has been reached with the cryptocurrency exchange Coinbase.

BlackRock and ARK Invest are in a race to launch the first spot Bitcoin ETF in the US.

The recent surge in bitcoin's price is influenced by factors such as the weakening U.S. dollar index and signs of decreasing inflation. Moreover, several companies, including WisdomTree, Invesco, VanEck, Fidelity, and Bitwise, have resubmitted applications for a bitcoin ETF, contributing to the upward momentum in bitcoin's value.

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.

The SEC is set to decide on ARK 21Shares' Bitcoin spot ETF application, the first of its kind, by August 2023. ARK 21Shares has amended its application to include a surveillance sharing agreement, a move believed to boost BlackRock's ETF approval chances. If the SEC approves BlackRock's application for this reason, it will have to approve ARK 21Shares' application, which is due six days earlier.

The Bitcoin Strategy ETF (BITO) offered by financial services company ProShares has witnessed a new record with a weekly investment of $65 million.

Invesco, a company managing around $1.5 trillion in assets, has joined the race for a Bitcoin ETF following BlackRock's recent application. The firm had previously applied for a Bitcoin ETF in 2021 but was unsuccessful.

Analyst James Seyffart suggests that BlackRock's spot Bitcoin exchange-traded fund (ETF) could put pressure on Grayscale's similar product, the Grayscale Bitcoin Trust (GBTC). In a recent publication, Seyffart, a Bloomberg Intelligence analyst, discusses the potential consequences of BlackRock's ETF application on Grayscale's operations.