Cboe restocked 5 Bitcoin ETFs to enter the Coinbase oversight agreement

Exchange operator Cboe Global Markets has converted five Bitcoin (BTC) Exchange-Traded Fund (ETF) applications to include a sharing custody agreement (SSA) with Coinbase.

On July 11, Cboe changed its filing with the United States Securities and Exchange Commission (SEC) for the ETF from Invesco, VanEck, Wisdom Tree, Faithfulness and joints fund by ARK Invests and 21Shares.

Cboe said it had “reached an agreement on terms with Coinbase” to enter into SSA which was finalized on June 21. The initial filing for the ETF stated that the parties “expected to include” the SSA prior to potentially offering the ETF.

SSA is an attempt to comply with SEC standards aimed at preventing fraudulent behavior and protecting investors, such as outlined by regulators on March 10:

“[An exchange needs] a comprehensive supervisory sharing agreement with a regulated market of significant size in relation to the underlying or referencing bitcoin asset.”

The Spot Bitcoin ETF application has been a focal point of the industry lately. The filings by Fidelity, Invesco, Wisdom Tree and Valkyrie follow $10 trillion asset management firm BlackRock also filing ETFs for SEC approval.

Related: Why Bitcoin ETF approval will be such a big deal

On June 29, the US stock exchange Nasdaq also resubmitted its application to list the BlackRock ETF, which also includes SSA with Coinbase.

Cboe’s filing pushed Coinbase (COIN) shares up almost 10% on June 11, the highest price reached since August 16, according to to Google Finance.

Coinbase’s share price jumped nearly 10% with the latest SSA-related filing amendments. Source: Google Finance

Despite involvement with Bitcoin ETF apps, Coinbase is currently fighting a lawsuit with the SEC for allegedly offering cryptocurrencies that regulators deem to be unregistered securities.

Magazine: Asia Express: HK crypto ETF catches fire, Binance warns about Maverick FOMO, Poly hack

Related Articles

Back to top button