Coinbase Surges to One-Year High as Cboe Files for Bitcoin ETFs with Surveillance Partner

Jul 12, 2023 11:07 AM

Shares of Coinbase Surge following Filing of BTC ETFs

Coinbase’s shares experienced a significant spike, reaching almost $90, after Cboe Global Markets filed amended applications for three spot BTC exchange-traded funds (ETFs). These applications included surveillance-sharing agreements with Coinbase. The US Securities and Exchange Commission has yet to make a decision on the launch of these products, and it remains uncertain whether the lawsuit against Coinbase will impact the outcome.

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Key Points:
– Cboe Global Markets filed applications for three spot BTC ETFs, listing Coinbase as a surveillance partner.
– Coinbase’s shares saw a 10% surge, reaching a high of over $90.
– The last time Coinbase’s shares traded at this level was in August 2022.
– The US Securities and Exchange Commission has not yet decided on the launch of the BTC ETFs.
– The impact of the lawsuit against Coinbase on the final ruling is unknown.

Hot Take:
The spike in Coinbase’s shares following the filing of BTC ETFs demonstrates the market’s enthusiasm for such products. However, the outcome still hinges on the decision of the US Securities and Exchange Commission. Investors should closely monitor any developments regarding the lawsuit against Coinbase, as it may have implications for the final ruling.