Coinbase Stock Rebounds after CBOE Announcement
Shares of crypto exchange Coinbase Global climbed nearly 12% .
That happened after Cboe Global Markets refiled applications for spot bitcoin exchange-traded funds, saying it expects Coinbase to help monitor trading.
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Shares of @coinbase climbed nearly 13 % after Cboe Global Markets refiled applications for spot bitcoin exchange-traded funds, saying it expects Coinbase to help monitor trading, via @FactSet #CryptoTwitter #news #Coinbase pic.twitter.com/JNNd7tFRHU
— The_Journalbiz (@the_journalbiz) July 3, 2023
Factset chart, Coinbase
The Securities and Exchange Commission returned earlier filings to Cboe and the Nasdaq because they didn’t name the spot bitcoin exchange with which they are expected to have a “surveillance-sharing agreement” or provide enough information about those surveillance arrangements, The Journal previously reported.
Cboe refiled applications Friday afternoon for spot bitcoin ETFs on behalf of Fidelity, WisdomTree, VanEck, Invesco and Ark Investment Management, saying it expects to enter surveillance-sharing agreements with Coinbase.
Nasdaq’s filing of its resubmitted application became available online Monday. Its filing on behalf of asset manager BlackRock also said it would work with Coinbase to monitor trading.
An ETF that tracks the price of Bitcoin would mark a watershed moment for the industry because it would provide wider access to the cryptocurrency. It would allow investors to buy and sell bitcoin through a brokerage account as quickly as shares of stock.
Bitcoin’s price edged higher Monday. Shares of some Bitcoin-related companies also rose.
