BlackRock re-files application for spot Bitcoin ETF, includes Coinbase as surveillance-sharing partner
- On July 3, BlackRock, the world’s largest asset manager, re-filed its application for a spot Bitcoin ETF.
- The application included a “surveillance-sharing agreement” with U.S. cryptocurrency exchange Coinbase.
- This move has had a positive impact on Coinbase shares and the overall crypto market.
BlackRock Coinbase Partnership
- BlackRock and other fund managers were required to resubmit ETF applications due to claims of inadequacy by the SEC.
- The filing included details of an agreement between Nasdaq and Coinbase to enhance market surveillance and access spot BTC trade data.
- Nasdaq expects to utilize Coinbase’s data in the surveillance of the BlackRock Bitcoin ETF, if approved.
- The SEC has approved futures-based ETFs but has yet to approve a physically-backed spot-based one.
- Analysts believe this move is an attempt by the SEC and Wall Street to gain control over the asset class.
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COIN Prices Pump
- Coinbase shares surged nearly 12% in response to the BlackRock endorsement.
- As a result, COIN was trading at $80.98 in after-hours trading on July 4.
- COIN has seen a 140% increase since the beginning of the year, outpacing the overall crypto market.
- The crypto market was up 1% on the day, with total capitalization reaching $1.26 trillion.
- Bitcoin remains stuck at heavy resistance just over $31,000.
Hot Take
The re-filing of the BlackRock Bitcoin ETF application and the partnership with Coinbase have brought positive attention to both companies and the crypto market. If approved, a spot Bitcoin ETF launch could break previous records and further establish cryptocurrency as a mainstream investment option. However, the SEC’s tight control over the approval process raises questions about the future of the asset class and its relationship with Wall Street. Overall, this development signals continued growth and interest in the crypto market, but regulatory challenges and market volatility remain significant factors to consider.
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