Shares in crypto exchange Coinbase (COIN) and business intelligence firm Microstrategy (MSTR) rallied on Monday in response to Cboe’s BZX Exchange refiling its applications for several spot bitcoin exchange-traded funds (ETFs). COIN rose more than 10% to over $80 at around 11:30 ET on Monday, while MSTR rose around 10% to $375, their highest level in over a year. This mirrored the upward trend of BTC itself, which was up around 2% on the day above $31,000 around the same time.
Cboe had been working with a number of providers to get an application for a spot bitcoin ETF approved by the U.S. Securities and Exchange Commission (SEC), including Fidelity, WisdomTree, and ARK Invest. After having their applications rejected by the SEC for not naming the exchange they were working with on surveillance-sharing agreements, Cboe refiled, naming Coinbase as the firm in question.
The increasing chances of a spot bitcoin ETF finally getting approved by the SEC is seen by crypto analysts as bullish for BTC, since it could simplify adoption by traditional investors with stock accounts.