Shares of Coinbase (COIN) have risen following news that exchange operator Cboe Global Markets has resubmitted its spot Bitcoin exchange-traded fund (ETF) application.
The U.S. Securities and Exchange Commission (SEC) previously rejected Cboe’s filing, which was filed on behalf of financial giants BlackRock and Fidelity, because it was unclear and incomprehensible.
Bloomberg senior ETF analyst Eric Balchunas said at the time there were certain details the SEC wanted, including the naming of a crypto exchange to help facilitate the ETF.
“In principle [the] SEC wants them to name the “crypto exchange” and provide more details [surveillance agreement]. That is understandable, perhaps good news. I was under [the] impression they should update that too.
Now, a refiling of the application has been sent out stating that Coinbase has agreed to enter into a “surveillance-sharing agreement” with the Nasdaq Stock Exchange for the proposed Bitcoin ETF.
While the SEC looks into the new ETF application involving Coinbase, the regulator is also in the middle of a lawsuit it filed against the crypto exchange last month alleging that the company was selling unregistered securities.
Coinbase has since filed a motion to dismiss the SEC’s lawsuit, arguing that the regulatory body lacks jurisdiction and that its transactions do not qualify as securities.
COIN shares are up 11% since the last ETF filing and are now up 154% from their all-time low of $31, currently trading just below $80.
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Featured image: Shutterstock/YanaBu