Coinbase Partners with Fidelity on Bitcoin ETF
Coinbase’s stock is trading up more than 12% after news broke that the crypto exchange is partnering with Fidelity and other issuers on their proposed spot bitcoin exchange-traded funds. This has contributed to a broader rally that has seen the stock surge over 138% since the start of the year. In comparison, bitcoin is only up 1.37% at the time of writing.
Key Points:
– Fidelity resubmitted its filing for a spot bitcoin ETF, with Coinbase set to help monitor manipulation in the spot market.
– The SEC had raised concerns about Fidelity’s original filing, as it did not disclose the exchange with which it had a market surveillance agreement.
– Cboe has refilled listing applications for VanEck, WisdomTree, and Invesco, all of which have named Coinbase in their filings.
Coinbase’s partnership with Fidelity and other issuers on bitcoin ETFs has given a significant boost to its stock. With the broader crypto market lagging behind, Coinbase’s gains highlight the growing interest and demand for cryptocurrency investments. This collaboration shows that Coinbase is positioning itself as a key player in the institutional adoption of cryptocurrencies.
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