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Act Two in Bitcoin ETF Applications: Coinbase Detail Draws Attention


After the US Securities and Exchange Commission's (SEC) negative opinion on spot Bitcoin ETF applications, companies took action.

After the US Securities and Exchange Commission's (SEC) negative opinion on spot Bitcoin ETF applications, companies took action. Companies applying under the leadership of Fidelity Investments updated their applications by adding new details. The SEC reported yesterday that spot Bitcoin ETF applications were insufficient.

Renewing Bitcoin ETF Applications

Fidelity Investments led companies applying for spot Bitcoin ETFs. In a new filing with the SEC, Cboe's BZX Exchange has selected crypto exchange Coinbase as the marketplace for its custody-sharing agreement.

Fidelity, Ark Investment, Invesco, WisdomTree, Bitwise, VanEck and Valkyrie participated in the spot Bitcoin ETF application frenzy that started with BlackRock. While BlackRock is applying to the Nasdaq, other companies are working with Cboe.

Coinbase Will Provide Oversight

Five companies filed an application yesterday, stating that Coinbase will provide market surveillance to support the funds. Such information was not included in previous applications. Companies led by Fidelity include Invesco, VanEck, 21Shares and WisdomTree.

Cboe stated that Coinbase represents a significant portion of US-based and dollar-denominated Bitcoin trading. In the statement, it was stated that the exchange's surveillance-sharing agreements will be worked with the Coinbase exchange.

All Eyes on SEC's Decision

The SEC has called for surveillance-sharing agreements with major markets to prevent market manipulation and protect consumers. The lack of these deals played a big role in the SEC's previous rejection of Bitcoin ETF applications. The 45-day review period will begin when the regulator officially releases applications. This period can be extended up to 240 days.

On the other hand, in the news in Bloomberg, it was noted that the exchange may provide various services to other fund issuers. BlackRock, Valkyrie and Bitwise were among these companies.

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