The Nasdaq exchange has resubmitted its application to list BlackRock’s proposed bitcoin exchange-traded fund (ETF) following feedback from U.S. securities regulators. The regulators stated that the initial filings for spot bitcoin ETFs were incomplete without naming the partner in surveillance-sharing agreements designed to prevent market manipulation.
To comply with this requirement, Nasdaq and other pending applications, including Fidelity’s, have updated their filing to name Coinbase as the partner for the surveillance-sharing agreement. According to the new filing, Nasdaq agreed with Coinbase on June 8 for the surveillance-sharing arrangement. Coinbase, a U.S.-based crypto exchange, has accounted for approximately 56% of dollar-to-bitcoin trading on American platforms this year.
Previously, the June 15 filing for the BlackRock ETF mentioned the need for a surveillance-sharing agreement but did not specify the exchange partner involved. However, on Friday, the Wall Street Journal reported that SEC officials deemed the applications from Nasdaq and Cboe inadequate because they lacked the name of the surveillance-sharing partner.
In response, Cboe’s BZX Exchange, in collaboration with issuers such as Fidelity, WisdomTree, VanEck, ARK Invest, and Galaxy/Invesco, resubmitted its spot bitcoin ETF fund application and identified Coinbase as its surveillance-sharing partner.
These money managers are striving to launch a Bitcoin spot ETF, a goal that the SEC has consistently rejected.