April 19, 2024
Latest Cryptocurrency News

Nasdaq Refiles Valkyrie’s Spot Bitcoin ETF Listing with Coinbase as Surveillance Partner

Crypto asset management company Valkyrie recently filed for a Bitcoin exchange-traded fund (ETF) in the United States, which includes a “surveillance-sharing agreement” with Coinbase. The filing, submitted on July 3 to the US Securities and Exchange Commission (SEC), requests a rule change by the Nasdaq stock exchange to allow the listing of a spot Bitcoin ETF for the Valkyrie Bitcoin Fund. As part of this filing, details of an agreement reached on June 30 with Coinbase were included, aiming to provide Nasdaq with additional access to data on spot Bitcoin trades.

This filing follows similar actions taken by BlackRock and Fidelity in the past week, where they also included information about surveillance-sharing agreements in their refilings. On June 30, the SEC expressed that the initial crypto ETF filings with Nasdaq and Cboe lacked clarity and comprehensiveness, suggesting that surveillance arrangements could potentially enhance the chances of regulatory approval for applicants.

Valkyrie has previously attempted to apply for a spot Bitcoin ETF with the SEC in June, but their applications date back to 2021. While the company successfully launched an ETF tied to Bitcoin futures in October 2021, the SEC has never approved a spot ETF linked to cryptocurrency.

Over the past few years, numerous firms have submitted applications to the SEC for a crypto investment vehicle, but none have been successful thus far. In June 2022, after the SEC denied its spot Bitcoin ETF, Grayscale Investments filed a lawsuit alleging inconsistent treatment of similar investment vehicles by the regulator.

Image by Karolina Grabowska via Pexels

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