BlackRock, the world’s largest asset manager, has named leading cryptocurrency exchange Coinbase as a surveillance-sharing partner in its filing for a spot Bitcoin Exchange-Traded Fund (ETF), according to documents submitted to the U.S. Securities and Exchange Commission (SEC).
The surveillance-sharing agreement aims to enhance the exchange’s market surveillance program, a response to the SEC’s request for more information on surveillance arrangements for crypto ETF filings.
BlackRock’s original application, filed with Nasdaq, received a refiling after the SEC scrutinized the Bitcoin ETF filing. The inclusion of Coinbase is seen as a significant step in addressing the SEC’s concerns and increasing the chances of approval.
This agreement signifies a crucial step in safeguarding the integrity of the spot Bitcoin market and might increase the likelihood of approval for BlackRock’s Bitcoin ETF, which was first applied for on June 15.
While the SEC has yet to approve any spot ETF linked to cryptocurrencies, the re-application by BlackRock, backed by Nasdaq’s listing, is seen as a promising development.
Amid the growing institutional interest in cryptocurrencies, the spot Bitcoin ETF offers a more direct exposure to Bitcoin and is likely to be of particular interest to institutional investors.
The announcement coincided with a 2% increase in the spot Bitcoin market in the last 24 hours, with the currency trading at around $31.2k.
Meanwhile, retail traders continue to purchase real Bitcoin units through platforms like Coinbase and Bitcoin Depot. Retail traders continue to buy actual Bitcoin units via platforms like Coinbase and Bitcoin Depot.
The approval of a Bitcoin ETF in the U.S. would mark a significant milestone, potentially leading to increased adoption and institutional investment in the cryptocurrency sector.
Also Read: WisdomTree Follows BlackRock with Spot Bitcoin ETF Filing
