Coinbase Shares Soar After Agreement with Cboe Exchange
The shares of the crypto exchange Coinbase saw a significant increase on Tuesday, rising as much as 16%. This surge came after Coinbase reached an agreement with Cboe’s BZX Exchange to maintain a surveillance-sharing agreement for five of its spot bitcoin exchange-traded fund (ETF) applications.
Main Breakdowns:
- Coinbase shares climbed to a high of $92.15
- The agreement was settled on June 21
- Amendments were filed for all five of Cboeโs ETF applications
- The surveillance-sharing agreement is crucial for preventing market manipulation
- Nasdaq also reached an agreement with Coinbase for BlackRock’s bitcoin ETF application
The agreement between Coinbase and Cboe’s BZX Exchange was finalized on June 21, as indicated in the amended filings with the Securities and Exchange Commission (SEC) on Tuesday. These filings mentioned that Coinbase and the exchange were expecting to enter into a surveillance-sharing agreement. This agreement is a vital part of recent ETF applications and is required by the SEC to prevent market manipulation. Additionally, Nasdaq reached a similar agreement with Coinbase for BlackRock’s bitcoin ETF application, according to a filing from June 29.
Hot Take:
The significant rise in Coinbase shares following the agreement with Cboe’s BZX Exchange demonstrates the positive impact of partnerships in the crypto market. By working together to establish surveillance-sharing agreements, exchanges and ETF applicants can enhance market integrity and boost investor confidence. This development showcases the growing recognition of the importance of regulatory measures in the cryptocurrency industry, and could potentially pave the way for further advancements in the sector.
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