Exchange regulator Cboe Global Markets has added five spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications to add a surveillance-sharing agreement (SSA) with Coinbase.
The SEC received revised filings from Cboe on July 11 for the ETFs offered by WisdomTree, Invesco, VanEck, the joint fund from ARK Invest and 21Shares and Fidelity.
According to Cboe, it “arrived at an agreement on conditions with Coinbase” for entering into the SSA’s, which were resolved on June 21. According to the initial filings for the ETFs, the parties were “expecting to enter” an SSA before possibly issuing the ETFs.
The SSAs are an effort to comply with the SEC’s requirements issued on March 10 in order to stop fraud and safeguard investors.
“An exchange requires a thorough surveillance-sharing contract with a regulated market having a sizeable component relevant to the underlying or reference bitcoin assets.”
However, applications for spot Bitcoin ETFs have recently drawn attention to the sector. Wisdom Tree, Fidelity, Valkyrie and Invesco filed documents following BlackRock, a $10 trillion asset management company, which also requested SEC permission for an ETF.
On June 29, Nasdaq, a U.S. stock exchange, resubmitted the paperwork to list BlackRock’s ETF, which also included an SSA with Coinbase.
As per Google Finance, Coinbase (COIN) shares increased by almost 10% on June 11 as a result of Cboe’s disclosures, hitting their highest level since August 16.
Coinbase is currently involved in litigation with the SEC for illegally offering digital currencies that the agency views as unregistered securities despite its connection with Bitcoin ETF applications.
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