Nasdaq Amends Blackrock Spot Bitcoin ETF Application Alongside Industry Competitors
Last week, the Securities and Exchange Commission (SEC) expressed dissatisfaction with the spot bitcoin ETF filings submitted in the past two weeks.
Key Points:
- Cboe, the leading U.S. options exchange, intends to revise its filings.
- Cboe has updated the spot bitcoin ETF filings for Wisdomtree, Vaneck, Invesco, and Fidelity.
- Nasdaq revised the Blackrock spot bitcoin 19b-4 filing.
- Blackrock and Nasdaq designated Coinbase as the fund’s surveillance-sharing agreement (SSA) partner.
- An SSA partner shares surveillance information to enhance security and ensure public safety.
In the SEC denials of spot bitcoin ETFs, market manipulation and insufficient investor protection have been primary concerns.
However, Blackrock’s credibility as the world’s largest asset manager may facilitate the approval of its spot Bitcoin ETF.
Hot Take:
The amendment of Blackrock’s spot Bitcoin ETF application, alongside other industry competitors, demonstrates the effort to address the SEC’s concerns. By designating Coinbase as the SSA partner and custodian, Blackrock aims to enhance market surveillance and investor protection. As the world’s largest asset manager, Blackrock’s credentials may increase the chances of approval for its spot Bitcoin ETF.
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