Exchange operator Cboe Global Markets has modified five Bitcoin (BTC) exchange-traded fund (ETF) applications to include a Watch Share Agreement (SSA) with Coinbase.
On July 11, Cboe amended filings with the U.S. Securities and Exchange Commission (SEC) for ETFs from InvescoAnd VanEckAnd Wisdom treeAnd devotion and the joint finance by ARK ooo and 21 shares.
Cboe said it had “reached agreement on terms with Coinbase” to enter into the SSA, which was settled on June 21. Initial ETF filings stated that parties “expect to enter into” a social security agreement before offering potential ETFs.
Social security agreements are an effort to meet SEC standards intended to prevent fraudulent behavior and protect investors, such as the summary By the organizer on March 10:
“(The exchange needs) a comprehensive control-sharing agreement with a regulated, high-volume market related to the underlying or reference Bitcoin asset.”
Spot Bitcoin ETF applications have been a focus of the industry lately. Fidelity, Invesco, Wisdom Tree, and Valkyrie file for $10 trillion asset manager BlackRock, which also filed an ETF for SEC approval.
Related: Why approval of a Bitcoin ETF would be such a big deal
On June 29, the US NASDAQ re-applied to list BlackRock’s ETFs, including SSA, with Coinbase.
Cboe’s filings pushed Coinbase shares (COIN) up nearly 10% on June 11, the highest price reached since August 16, according to Google Finance.
Despite its involvement with Bitcoin ETF applications, Coinbase is currently in court with the SEC for allegedly offering cryptocurrencies that the regulator considers to be unregistered securities.
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