BlackRock refiles Bitcoin ETF application naming Coinbase as surveillance sharing partner
BlackRock Inc., the world’s largest asset manager, has refiled an amended application with US regulators through Nasdaq for its exchange-traded fund (ETF) focused on Bitcoin, Bloomberg reported.
Nasdaq, on behalf of BlackRock, submitted new documents with the US Securities and Exchange Commission, naming Coinbase Global Inc. as the market to provide surveillance in support of the proposed ETF, the Bloomberg report added.
The refiling of the documents follows the feedback from the regulator that initial filings by issuers were deemed to be insufficient and lacked necessary information.
The initial filing for a BlackRock ETF on June 15 called for a surveillance-sharing agreement, but did not name which exchange would be the partner in the deal.
Many other companies had updated their applications with more specifics, naming Coinbase as the partner for the surveillance-sharing agreements, including that of Fidelity Investments, Invesco, VanEck, 21Shares and WisdomTree.
According to the filing, Coinbase has represented approximately 56% of dollar-to-bitcoin trading on US-based platforms YTD, report said.
US SEC had in 2021 allowed ETFs based on Bitcoin futures and recently also allowed a leveraged Bitcoin-futures fund.
BlackRock’s filing propelled a number of other firms to file for such crypto based products. Moreover, it also led a sharp rally in the broader cryptocurrency market.
The world’s largest cryptocurrency, Bitcoin, has surged more than 80% YTD and is up over 10% in the last one month alone.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates & Live Business News.
Updated: 04 Jul 2023, 08:49 AM IST
