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Nasdaq Resubmits Blackrock Spot Bitcoin ETF Application Inks Agreement With Coinbase for Surveillance-Sharing Skip to main content

Nasdaq Resubmits Blackrock Spot Bitcoin ETF Application Inks Agreement With Coinbase for Surveillance-Sharing

After the four firms that filed for spot bitcoin exchange-traded funds (ETFs) resubmitted their applications with the U.S. Securities and Exchange Commission (SEC), the asset manager Blackrock followed suit with an amended application. Similar to Cboe’s refiling of registrations from Fidelity, Vaneck, Invesco, and Wisdomtree, Nasdaq amended the Blackrock spot bitcoin ETF filing, by incorporating Coinbase as a surveillance-sharing agreement (SSA) partner.

Nasdaq Amends Blackrock Spot Bitcoin ETF Application Alongside Industry Competitors

Last week, a report from The Wall Street Journal revealed that individuals with knowledge of the situation said the Securities and Exchange Commission (SEC) expressed dissatisfaction with the numerous spot bitcoin ETF filings submitted in the past two weeks.

The leading U.S. options exchange, Cboe, informed the WSJ that it intended to revise its filings. Subsequently, Cboe updated the spot bitcoin ETF filings for Wisdomtree, Vaneck, Invesco, and Fidelity.

At that time, it remained undisclosed whether Blackrock had updated its registration for its spot bitcoin ETF. However, on June 29, 2023, records indicate that Nasdaq revised the Blackrock spot bitcoin 19b-4 filing. Like the other ETF resubmissions, Blackrock and Nasdaq designated Coinbase as the fund’s surveillance-sharing agreement (SSA) partner.

In essence, an SSA partner is an organization that has consented to share surveillance information with another entity. Regarding an exchange-traded fund, an SSA cooperates with the manager to exchange surveillance information aimed at enhancing security and ensuring public safety.

One of the primary concerns regarding a spot bitcoin ETF, as stated in the SEC’s numerous denials of spot bitcoin ETFs over the years, is market manipulation and insufficient investor protection.

Nevertheless, Blackrock, being the world’s largest asset manager, carries significant credibility, leading some to speculate that the financial powerhouse’s credentials could facilitate the approval of Blackrock’s spot Bitcoin ETF.

“The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the exchange’s market surveillance program,” according to details in Blackrock’s filing.

In the ETF filing submitted for approval to the U.S. securities regulator, Coinbase is also designated as Blackrock’s custodian. Blackrock’s filing elaborates that there is an agreement and term sheet between Coinbase and Nasdaq, which took effect on June 16, 2023.

Some market observers suggest that this could give Blackrock an advantage, as opposed to stating that the funds are simply “expecting to enter into an SSA,” as explained by Nate Geraci, co-founder of the ETF Institute.

What are your thoughts on the resubmission of spot Bitcoin ETF applications by major players like Blackrock? Do you believe this renewed effort will pave the way for regulatory approval? Share your thoughts and opinions about this subject in the comments section below.

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