Financial players were optimistic following the filing of Bitcoin ETF cash applications. However, the SEC’s less-than-favorable reviews dampened those hopes, pointing to gaps in detail. Now, Nasdaq and BlackRock are fighting back with a new, updated filing. Will they be able to convince the regulator this time?
Nasdaq files updated application with Coinbase!
Nasdaq recently filed an updated form 19b-4 for theiShares Bitcoin Trusta bitcoin spot ETF managed by BlackRockfollowing similar filings last week by the stock exchange Chicago Board Options Exchange (CBOE).
In this move, Nasdaq announced that it had entered into a preliminary agreement with Coinbasean American crypto exchange platform, for surveillance sharing.
Both parties aspire to reach a final agreement before negotiations begin. This surveillance-sharing agreement, dubbed “Spot BTC SSA” would constitute a bilateral arrangement between Nasdaq and Coinbase to complete the stock market surveillance program, according to the information provided.
Nasdaq plans to use Coinbase’s order and transaction market data, which would be valuable for monitoring trades made via the BlackRock Bitcoin ETF once approved.
These developments come shortly after the publication of a report by the Wall Street Journal which criticized the recent BlackRock, Fidelity and other companies for spot Bitcoin ETF funds. In its reviews, the Securities and Exchange Commission (SEC) particularly highlighted the omission of key details, including the name of the platform with which a shared monitoring agreement would be established.
Bitcoin ETF application updates: promising progress?
Following the SEC’s remarks about the lack of clarity and completeness of recent Bitcoin Spot ETF filings by BlackRock, Fidelity and other players, Nasdaq and Cboe quickly updated their filings.
In addition to BlackRock, almost all the major financial players who have recently filed their Bitcoin ETFs have chosen Coinbase as their financial partner. These include Invesco, Wisdom Tree and Fidelity.
It’s crucial to note that the Securities and Exchange Commission (SEC) has yet to approve cash-based Bitcoin ETFs. However, efforts by Cboe and other market players to comply with SEC requirements could represent a positive step towards application approval. Pending the SEC’s final decision, we hope that the financial institutions involved will not encounter any new grounds for refusal.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.
