Nasdaq Refiles For BlackRock Spot BTC ETF, Names Coinbase As Surveillance Partner
Nasdaq has resubmitted a 19b-4 form for the iShares Bitcoin Trust, a Bitcoin exchange-traded fund (ETF) led by BlackRock. This action follows similar filings made by the Cboe exchange last week.
According to the filing, Nasdaq has reached an agreement with Coinbase to establish a surveillance-sharing agreement. They anticipate finalizing a definitive agreement before the commencement of trading. The purpose of this agreement, termed the Spot BTC SSA, is to supplement the existing market surveillance program provided by Nasdaq.
This development comes in response to a report by The Wall Street Journal, which stated that the U.S. Securities and Exchange Commission (SEC) informed Nasdaq and Cboe that recent filings for spot Bitcoin ETFs by BlackRock, Fidelity, and others lacked clarity and comprehensiveness.
Promptly, Cboe updated its filings for separate proposals of spot Bitcoin ETFs, including one proposed by Fidelity. These particular filings now mention their expectation of entering into surveillance-sharing agreements with Coinbase. Nasdaq initially filed the proposal for the BlackRock fund last month.
Its important to note that the SEC has not yet granted approval for a spot Bitcoin ETF. The agency has repeatedly expressed concerns about fraud and market manipulation when evaluating previous applications. Hence, these proposals may encounter challenges during the regulatory review process.
In other news, BlackRock CEO Larry Fink recently declared Bitcoin as an international asset, acknowledging both its global popularity and potential as a long term store of value.
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