A “surveillance-sharing agreement” between Coinbase, a cryptocurrency exchange, and BlackRock, an American multinational investment company based in New York city, was mentioned in a revised filing about the company’s effort to introduce a spot Bitcoin exchange-traded fund (ETF).
An Agreement Between BlackRock and Coinbase
As per the June 29 filing with the US Securities and Exchange Commission (SEC), the Nasdaq stock exchange modified an anticipated amendment permitting the public trading of BlackRock’s Bitcoin ETF.
The report provided information about a June 8 arrangement between Nasdaq and Coinbase that was “intended to supplement the exchange’s market surveillance program” and offer access to data on spot BTC trading.
ETF Filings Not ‘Sufficiently Clear,’ SEC Says
According to reports, the SEC stated on June 30 that crypto ETF filings with the Nasdaq and Cboe were not “sufficiently clear and comprehensive,” recommending that applicants incorporate extra details on surveillance arrangements.
The SEC filing eventually came after ARK Investment Management amended its spot BTC ETF application in order to include a surveillance-sharing arrangement with the Chicago Board Options Exchange (Cboe) and an anonymous US-based cryptocurrency exchange.
BlackRock Filed for Bitcoin ETF in June
It is worth noting that in June, investment management firm BlackRock filed an application with the United States Securities and Exchange Commission (SEC) for a spot Bitcoin Exchange Traded Fund (BTC ETF) in collaboration with American cryptocurrency exchange Coinbase.
At the end of last month, a Bloomberg senior Exchange Traded Fund (ETF) analyst Eric Balchunas stated that BlackRock had a fifty percent chance that it would get permission for a spot Bitcoin (BTC) ETF approved by the SEC.
The Competition for First Bitcoin ETF Listing
The listing of a spot Bitcoin (BTC) ETF has become a competition, since the US Securities and Exchange Commission hasn’t yet authorized any spot ETF tied to crypto assets, despite several submissions from market participants.
WisdomTree has reapplied to the Securities and Exchange Commission for a spot BTC ETF. The WisdomTree BTC Trust would thereafter be listed on the Cboe BZX Exchange under the ticker BTCW. Valkyrie Investments Inc.’s Delaware-based subsidiary has also filed a revised spot BTC ETF.