CBOE Global Markets Modifies Bitcoin (BTC) ETF Applications, Enters into Joint Monitoring Agreement with Coinbase

CBOE Global Markets Modifies Bitcoin (BTC) ETF Applications, Enters into Joint Monitoring Agreement with Coinbase

CBOE Global Markets recently made changes to five Bitcoin (BTC) ETF applications, adding a shared surveillance agreement (SSA) with Coinbase. The changes were filed with the US Securities and Exchange Commission on July 11 for the ETFs of Invesco, VanEck, WisdomTree, Fidelity and the joint funds of ARK Invest and 21Shares.

According to CBOE, the agreement with Coinbase was signed on June 21st. The parties were originally scheduled to complete the SSA prior to the potential launch of the ETFs. The SSA is designed to meet SEC standards to prevent fraudulent behavior and protect investors.

The SEC stated on March 10 that “an exchange requires a comprehensive joint supervision agreement with a regulated market of significant size with respect to the underlying or reference Bitcoin assets.”

In recent months, spot Bitcoin ETF applications have attracted a lot of attention in the industry. The filings from Fidelity, Invesco, WisdomTree and Valkyrie followed the example of asset manager BlackRock, which also filed an ETF with the SEC.

On June 29, the US stock exchange Nasdaq also submitted a new application for an ETF from BlackRock, which also includes an SSA with Coinbase.

The announcement of the CBOE changes caused Coinbase shares to rise nearly 10 percent on June 11. According to Google Finance, they reached their highest price since August 16th.

However, it is important to note that Coinbase is currently embroiled in litigation with the SEC. The exchange is being sued for offering cryptocurrencies that the SEC considers to be unregistered securities. Despite this, Coinbase continues its efforts to launch a Bitcoin ETF.