1. BITBILIHome
  2. Article

Coinbase’s shares skyrocket as Cboe Includes crypto exchange in the BTC ETF application

• 221 views

TL;DR Breakdown

  • Shares of Coinbase jumped 13% on Monday on the news that the exchange operator Cboe had refiled its applications for several spot bitcoin exchange-traded funds (ETFs).
  • Cboe has been working with Fidelity, WisdomTree, and ARK Invest to obtain a spot Bitcoin ETF approved by the SEC.
  • Microstrategy (MSTR) saw its shares rise 10% to $375, their highest level in almost a year.
  • BlackRock has also refilled the BTC ETF through NASDAQ, naming Coinbase Global Inc. as a market surveillance provider.

Description

On Monday, shares of Coinbase, the largest crypto platform in the United States, surged 13% after exchange operator Cboe announced it was collaborating with the crypto platform to launch a spot bitcoin exchange-traded fund. In addition, Bitcoin-related equities rallied in response to news that Cboe’s BZX Exchange had resubmitted its applications for multiple spot bitcoin … Read more

On Monday, shares of Coinbase, the largest crypto platform in the United States, surged 13% after exchange operator Cboe announced it was collaborating with the crypto platform to launch a spot bitcoin exchange-traded fund.

In addition, Bitcoin-related equities rallied in response to news that Cboe’s BZX Exchange had resubmitted its applications for multiple spot bitcoin exchange-traded funds (ETFs) on Friday.

Coinbase rise from the SEC shackles

Friday, Cboe resubmitted to the U.S. Securities and Exchange Commission (SEC) an application to establish a bitcoin exchange-traded fund managed by Fidelity. In this filing, Coinbase was identified as the crypto platform that would assist the exchange in policing ETF manipulation.

According to Reuters, citing a source familiar with the matter, Cboe sought to address SEC concerns that its initial filing did not identify the crypto-trading platforms that would help it detect fraud in the underlying bitcoin markets.

Cboe has been working with a number of providers, including Fidelity, WisdomTree, and ARK Invest, to finally get an application for a spot bitcoin ETF approved by the US Securities and Exchange Commission (SEC). In the meantime, BlackRock (BLK) is doing the same thing with Nasdaq.

On Monday, Coinbase shares closed up 11.7% at $79.93, having more than doubled this year.

Bitcoin, the world’s largest crypto, reached a more than one-year high last month after BlackRock and Fidelity announced plans to launch bitcoin exchange-traded funds (ETFs).

Bitcoin was up 1.32% to $31, 029, and Ethereum, the world’s second-largest crypto, was up 1.94% to $1,964.

Microstrategy (MSTR), a business intelligence company that holds more than $4.6 billion worth of bitcoin (BTC), also saw its shares surge, increasing by approximately 10% to $375, their greatest level in over a year.

The SEC rejects multiple BTC ETFs

In recent years, the SEC has rejected dozens of spot bitcoin ETF applications, citing noncompliance with standards intended to prevent fraudulent and manipulative practices and protect investors. The ETF industry is attempting to come up with a solution to this concern.

Those filings come just weeks after the SEC sued Coinbase and Binance, alleging rule violations in a major regulatory crackdown on the digital asset market. The claims are denied by both parties.

Crypto analysts view the increasing likelihood of the SEC ultimately approving a spot bitcoin ETF as bullish for BTC because it could facilitate adoption by traditional investors with stock accounts.

Nasdaq Resubmits BlackRock’s Bitcoin ETF Application to the SEC

BlackRock Inc. has refiled documents with US authorities via Nasdaq to include fresh details to its plan for a Bitcoin-focused exchange-traded fund. On Monday, the exchange filed additional paperwork with the US Securities and Exchange Commission indicating that Coinbase Global Inc. will provide market surveillance in support of the world’s largest asset manager’s proposed ETF.

Analysts believe that monitoring the crypto market will be critical to obtaining SEC clearance for a spot Bitcoin ETF. The monitoring might significantly reduce fraud and market manipulation, two of the main reasons the SEC has rejected about 30 spot Bitcoin ETF applications to date.

BlackRock’s initial filing in mid-June triggered a scramble among other issuers for comparable files, as well as a surge for cryptocurrencies in general. Bitcoin has gained more than 10% in the last month and is up more than 80% since the beginning of the year. Many lovers of digital assets are excited about the prospect of a future spot ETF since it might offer better accessibility for average investors.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Coinbase’s shares skyrocket as Cboe Includes crypto exchange in the BTC ETF application

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月5日 17:59
Next 2023年7月5日 19:21

Related articles

  • Tensions soar as U.S. accuses Chinese minister of this

    TL;DR Breakdown U.S. officials claim Chinese Defense Minister Li Shangfu is under investigation. Li has not been publicly seen for over two weeks, fueling suspicions. His disappearance follows the ousting of two generals from the People’s Liberation Army Rocket Force and the removal of Qin Gang as Chinese foreign minister. Description As diplomatic temperatures between the U.S. and China continue to simmer, the focus has now sharply turned to Defense Minister Li Shangfu of China. Under intense scrutiny and amidst hushed whispers, the official narrative is being questioned by high-ranking insiders from the U.S. These revelations have cast long shadows over Beijing’s corridors of power, hinting … Read more As diplomatic temperatures between the U.S. and China continue to simmer, the focus has now sharply turned to Defense Minister Li Shangfu of China. Under intense scrutiny and amidst hushed whispers, the official narrative is being questioned by high-ranking insiders from the U.S. These revelations have cast long shadows over Beijing’s corridors of power, hinting at the increasing instability and disorder within China’s top military and foreign policy echelons. The Mysterious…

    Article 2023年9月15日

  • Core Scientific receives a $53.9M boost from mining giant Bitmain

    TL;DR Breakdown Bitmain plans to invest $53.9 million in Core Scientific, highlighting a strong partnership in the cryptocurrency sector. Core Scientific has overseen over 600,000 Bitmain miners since 2017, with 99% currently being the Bitmain S19 series. The deal includes Bitmain providing 27,000 new S19J XP 151 TH mining servers to Core Scientific. Description Bitmain, a globally acknowledged manufacturer of cryptocurrency mining servers, has disclosed plans to invest $53.9 million in Core Scientific. This North American juggernaut is renowned for its prowess in blockchain computing data centers and tailored software solutions. This recent investment is not just a financial gesture but a clear endorsement of the enduring partnership between … Read more Bitmain, a globally acknowledged manufacturer of cryptocurrency mining servers, has disclosed plans to invest $53.9 million in Core Scientific. This North American juggernaut is renowned for its prowess in blockchain computing data centers and tailored software solutions. This recent investment is not just a financial gesture but a clear endorsement of the enduring partnership between these two powerhouses in the cryptocurrency domain. Core Scientific’s long-standing relationship with Bitmain…

    Article 2023年9月23日

  • Coinbase fires back at SEC

    TL;DR Breakdown Coinbase has hit back at the U.S. SEC telling a court that its petition for a response about new digital asset regulation was still warranted.  The lawsuit, filed by the crypto exchange last month, employed a writ of mandamus, which seeks court action against federal officials in “exceptional circumstances.” The recent Wells notice received by the crypto exchange, which signifies a pending investigation, further solidified their claims. Coinbase has hit back at the U.S. Securities and Exchange Commission in its ongoing lawsuit against the regulator, telling a court that its petition for a response about new digital asset regulation was still warranted. In a fiery 23-page filing to the Third Circuit of the U.S. Court of Appeals, Coinbase accused the SEC of speaking out of both sides of its mouth and being wrong at each end. The lawsuit, filed by Coinbase last month, employed a writ of mandamus, which seeks court action against federal officials in “exceptional circumstances.” Coinbase’s objective is to obtain a specific response from the SEC regarding its previous request for new rules concerning digital…

    Article 2023年5月25日

  • Norway’s central bank proposes strengthened payment systems and national crypto regulation strategy

    TL;DR Breakdown Norges Bank calls for stronger contingency measures in response to increasing cyber threats. The bank proposes a national strategy for fast-paced cryptocurrency regulation, leveraging existing rules. Emphasizing education, Norges Bank seeks to increase cryptocurrency understanding among Norwegians. Norges Bank, Norway’s central bank, released the 2023 Financial Infrastructure Report and Retail Payment Services 2022, spotlighting the need to enhance and fortify the payment system’s contingency arrangements. The effort aims to ensure the Norwegian public’s ability to continue making secure and efficient payments in the future. With cyber threats escalating and diversifying, maintaining a robust payment system demands concerted efforts from individual entities and effective public-private partnerships. “Cyber incidents can quickly spread across sectors, and contingency work in the various sectors must therefore be viewed in a broader context,” warns Deputy Governor Pål Longva. In response to these cyber threats, Norges Bank and Finanstilsynet, Norway’s Financial Supervisory Authority, have initiated a framework for testing the cyber resilience of banking and payment systems. This project, which simulates real-world attacks, is designed to enhance the financial sector’s cyber resilience, ultimately promoting financial…

    Article 2023年5月27日

  • Why is the crypto market down today? BTC at $30k

    TL;DR Breakdown Crypto markets tank as BTC tries to hold above $30,000. Ethereum struggles to regain $2,000 while the total crypto market cap tries to hold the $1 million mark. Altcoins take over the market with a balance of losses and gains. Description The Bitcoin (BTC) price has reached a new annual peak, while the Crypto Market Cap is close to doing the same. The crypto markets are at an all-time high, although sentiment appears to be negative. Despite the price reaching a new yearly high, the proportion of the Bitcoin supply that has not changed in over … Read more The Bitcoin (BTC) price has reached a new annual peak, while the Crypto Market Cap is close to doing the same. The crypto markets are at an all-time high, although sentiment appears to be negative. Despite the price reaching a new yearly high, the proportion of the Bitcoin supply that has not changed in over a year attained an all-time high. This demonstrates the conviction of BTC holders, who are unwilling to accept profit during this rally. Contents hide…

    Article 2023年6月29日
TOP