Nasdaq files for BlackRock's bitcoin ETF, partners with Coinbase.

[xamteuan82h]

Nasdaq has filed Form 19b-4 to re-register iShares Bitcoin Trust, an ETF managed by BlackRock that focuses on spot bitcoin trading. This move follows a similar filing made by the Chicago Board Options Exchange last week. Nasdaq has entered into an agreement with cryptocurrency exchange Coinbase to establish a monitoring sharing agreement. They anticipate finalizing a "definitive agreement" prior to the commencement of the deal. The proposed agreement, called the Spot BTC SSA, aims to enhance Nasdaq's market surveillance program through a bilateral surveillance partnership with Coinbase. The decision to pursue this agreement was influenced by a Wall Street Journal report revealing that the U.S. Securities and Exchange Commission (SEC) had raised concerns regarding BlackRock, Fidelity, and other firms, citing issues related to the lack of clarity and completeness in their recent spot bitcoin ETF filing.

 

[pamtrqungh8]

The involvement of Nasdaq and Coinbase in enhancing market surveillance for spot bitcoin trading is a positive development. It shows a commitment to addressing regulatory concerns and improving transparency in the cryptocurrency industry

 

[manhbanh178hd]

It's interesting to see Nasdaq taking steps to re-register the iShares Bitcoin Trust ETF and establish a monitoring sharing agreement with Coinbase. This shows that major players in the traditional financial sector are recognizing the importance and potential of cryptocurrencies

 

[quantruan8gha]

The SEC's concerns regarding BlackRock, Fidelity, and other firms highlight the need for clarity and completeness in spot bitcoin ETF filings. Nasdaq's move to establish the Spot BTC SSA with Coinbase is a strategic response to address these concerns and enhance market surveillance.