Valkyrie Funds Plans to Use Surveillance Sharing Agreement with Coinbase for Proposed Bitcoin ETF
Valkyrie Funds has proposed a spot bitcoin ETF and intends to use a surveillance sharing agreement with Coinbase, a prominent cryptocurrency exchange. The fund, which was initially proposed last month, aims to list shares on Nasdaq. In a recent filing, Coinbase was listed as a surveillance sharing partner, similar to other applications that have been resubmitted in recent weeks.
Key Points:
– Valkyrie Funds plans to use a surveillance sharing agreement with Coinbase for its proposed spot bitcoin ETF.
– Coinbase is the operator of the largest US-based spot trading platform for Bitcoin.
– The SEC has not yet approved a spot bitcoin ETF, but filings from major asset managers, including BlackRock and Fidelity, have included Coinbase in their surveillance sharing agreements.
– The price of bitcoin has surged over 13% in the past month, driven by excitement surrounding the filings.
– Bitcoin is currently trading at around $30,344 according to CoinGecko.
Hot Take
The inclusion of Coinbase in surveillance sharing agreements for proposed bitcoin ETFs indicates the growing interest and legitimacy of cryptocurrency in the financial industry. As more major asset managers enter the race to launch bitcoin ETFs, it is likely that regulatory approval will eventually be granted. The surge in bitcoin’s price reflects the enthusiasm surrounding these filings and the potential for increased mainstream adoption of cryptocurrencies.
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