Nasdaq Refiles Application to List BlackRock Bitcoin ETF
The Nasdaq exchange has refiled its application to list BlackRock’s proposed bitcoin exchange-traded fund (ETF). This comes after the U.S. Securities and Exchange Commission (SEC) deemed earlier proposals “inadequate” for not specifying the name of the underlying market in surveillance-sharing agreements. The refiling now includes naming Coinbase as the market that will be monitored in the surveillance-sharing agreement. Several other pending applications, including one from Fidelity, have also updated their filings to name Coinbase as the partner. A surveillance-sharing agreement with a regulated market is crucial for obtaining regulatory approval. Nasdaq reached an agreement with Coinbase on June 8, and Coinbase represents a significant portion of dollar-to-bitcoin trading in the U.S.
– Nasdaq has refiled its application to list BlackRock’s bitcoin ETF.
– The SEC deemed earlier proposals “inadequate” for not naming the surveillance-sharing partner.
– Coinbase is now named as the market to be monitored in the surveillance-sharing agreement.
– Other pending applications, including Fidelity’s, have also named Coinbase as the partner.
– Nasdaq reached an agreement with Coinbase on June 8.
Hot Take: Nasdaq and Other Players Seek Approval for Bitcoin ETFs
The refiled application by Nasdaq to list BlackRock’s bitcoin ETF, along with other players like Fidelity, highlights the growing interest in obtaining regulatory approval for these investment products. By naming Coinbase as the partner in the surveillance-sharing agreement, the applicants aim to address the SEC’s concerns regarding market manipulation. With Coinbase’s dominant position in the U.S. dollar-to-bitcoin trading market, it serves as a suitable choice for monitoring and safeguarding against manipulation. The market’s positive response to these developments, as seen in the rally of Coinbase shares and bitcoin-adjacent stocks, suggests a strong demand for regulated bitcoin investment vehicles. As the SEC continues to review these applications, the outcome could have significant implications for the broader adoption of cryptocurrencies in traditional financial markets.
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