- Nasdaq has resubmitted BlackRock’s application for a Spot Bitcoin exchange-traded fund (ETF).
- The ETF application was previously rejected by the SEC for not providing enough details about the crypto product.
- The Chicago Board Options Exchange also resubmitted Fidelity’s rejected Bitcoin ETF application earlier today.
- BlackRock’s latest filing stated that Coinbase would provide both market surveillance and BTC custody services.
Nasdaq has accepted the filing from Wall Street giant BlackRock Inc. resubmitted for offering a spot Bitcoin exchange-traded fund (ETF). The second-largest stock market by market capitalization has filed BlackRock’s BTC ETF filing with the U.S. Securities and Exchange Commission (SEC). Nasdaq’s resubmission was accompanied by that of the Chicago Board Options Exchange (CBOE), which resubmitted applications for multiple operators, including Fidelity and ARK Invest.
Coinbase Shares Rise After Multiple Bitcoin ETF Applications Resubmitted
According to a report by Bloomberg, the latest filing by Nasdaq contained details the SEC was looking for when it rejected initial filings last week. The revised submit named Coinbase as the crypto exchange that would work with BlackRock on market surveillance. Bloomberg reported that an oversight agreement with an exchange could play an important role in convincing the securities regulator, as such an agreement would reduce fraud and market manipulation. Coinbase has also been named as a custodian for the BTC holdings associated with BlackRock’s ETF.
Due to the latest developments, Coinbase’s share price rose enormously. The stock is up more than 11% since the market opened and is currently trading at $79.9. The resubmission of multiple BTC ETF applications sparked bullish sentiment among crypto investors, leading to the flagship cryptocurrency adding a whopping 2.4% to its price. At the time of writing, BTC was trading at USD 31,112.
Other companies that reviewed and resubmitted their filings with the US SEC included Invesco, VanEck, 21Shares and WisdomTree. The revised spot BTC ETF filings filed by the Chicago Board Options Exchange on behalf of Fidelity, WisdomTree and ARK Invest called Coinbase as the crypto exchange partner for market surveillance. All previous filings were denied by the SEC because the partner was not named in the surveillance video-sharing agreements.