The refiling follows feedback reportedly given to applicants for spot bitcoin ETFs by U.S. securities regulators that filings were ‘inadequate’ without the name of the partner in the surveillance-sharing agreements, which are supposed to help guard against market manipulation, Nasdaq has refiled its application to list BlackRock’s proposed bitcoin exchange-traded fund (ETF), naming Coinbase as the partner for the surveillance-sharing agreement.
The refiling comes after the U.S. Securities and Exchange Commission (SEC) reportedly told representatives of Nasdaq and Cboe that their bitcoin ETF listing applications were inadequate because they omitted the name of the surveillance-sharing partner.
Coinbase has represented approximately 56% of dollar-to-bitcoin trading on U.S.-based platforms year-to-date, according to the filing. The money managers are hoping to succeed at launching a bitcoin spot ETF, something the SEC has rejected for years.
Coinbase (COIN) shares have rallied roughly 8% in the past 24 hours. Bitcoin-adjacent stocks are also soaring, with Microstrategy’s stock jumping 35% over the past day.