Coinbase shares rose to nearly $90 after news that exchange operator Cboe Global Markets has placed revised orders for three instant BTC exchange-traded funds, adding watch-sharing agreements with Coinbase.
The US Securities and Exchange Commission has not made a decision on launching such a product. It remains unknown whether the lawsuit filed against Coinbase by the oversight body will affect its final ruling.
It is rising to the highest level in almost a year
Cboe Global Markets – an American company that owns the Chicago Board Options Exchange – simulates the movements of Nasdaq and foot Apps for listing and stock trading for three bitcoin ETFs, including one of Fidelity’s digital assets. Just like the global online marketplace, Cboe has added the US-based cryptocurrency exchange as a monitoring partner.
Stock exchanges reacted positively to the development, jumping 10% and surpassing $90 at one point. The last time COIN traded this high was in August 2022.
The possible approval of a spot BTC ETF in the US could lead to an additional price hike for Coinbase shares. The largest asset managers in the world – Black stoneAnd Invesco, Valkyrie and other finance giants aspire to do the same.
Despite this, the Securities and Exchange Commission (SEC) has launched a legal battle against Coinbase, accusing the market of violating numerous rules and providing trading services for allegedly unregistered securities, such as MATIC, SOL, and ADA. Conflict between entities may play a role in the final decision of the committee.
Some experts have argued that the SEC should give the green light to a BTC ETF if interested companies demonstrate product safety. This is the former head of the securities regulator – Jay Clayton – who recently described recent recording spree as an “amazing development”.
Ark Invest saw a selling opportunity
Global asset manager led by crypto advocate Katie Wood – Ark Invest – Sold 135,152 shares of COIN for approximately $12 million.
This is unusual for the company, which tends to accumulate Coinbase shares rather than dump them. He. She Buyer $9.2 million in COIN in February and added Another $21.6 million shortly after the Securities and Exchange Commission filed a lawsuit against the exchange last month.
Ark Invest has also joined the spot BTC ETF race. at recent days an average In its filing, it says it will enter into a Watch Share Agreement (SSA) with “a US-based spot trading platform operator for Bitcoin.”
Wood CEO subscriber An optimistic outlook, considering its entity will be the first to receive the long-awaited approval from the SEC.
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