1. Home
  2. Bitcoin
  3. $1,000,000,000 Asset Manager Names Coinbase As Surveillance-Sharing Partner in Updated Spot Bitcoin ETF Filing
,000,000,000 Asset Manager Names Coinbase As Surveillance-Sharing Partner in Updated Spot Bitcoin ETF Filing

$1,000,000,000 Asset Manager Names Coinbase As Surveillance-Sharing Partner in Updated Spot Bitcoin ETF Filing

0

Source: Daily Hodle

An investment manager with $1 billion in assets under management (AUM) is naming Coinbase as its surveillance-sharing partner in an application to list a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Nasdaq stock exchange.

Valkyrie updated its filing after the U.S. Securities and Exchange Commission (SEC) rejected its previous attempts for failing to meet regulatory requirements for preventing fraudulent acts and protecting investors.

Surveillance-sharing agreements are considered a standard market practice for reducing fraud and market manipulation. It is also among the primary reasons that the SEC cites for rejecting spot Bitcoin ETF applications.

In new documents submitted on Wednesday, Valkyrie says that Nasdaq already executed a term agreement to enter into a surveillance-sharing agreement with Coinbase, which accounts for over 50% of the market share of BTC-USD spot trading volume.

“On June 30, 2023, the Exchange executed a term sheet with Coinbase to enter into a Spot BTC SSA. Based on this agreement, the Exchange and Coinbase will finalize and execute a definitive agreement that the parties expect to be executed prior to allowing trading of the Commodity-Based Trust Shares. Trading of Bitcoin on Coinbase represents a significant portion of US-based Bitcoin trading.”

The move could be key to the regulator’s approval for Valkyrie’s spot Bitcoin ETF. The SEC also recently told the Nasdaq and the Chicago Board Options Exchange (CBOE) that the spot Bitcoin ETF applications of investment firms BlackRock and Fidelity are unclear and incomprehensive.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post $1,000,000,000 Asset Manager Names Coinbase As Surveillance-Sharing Partner in Updated Spot Bitcoin ETF Filing appeared first on The Daily Hodl.

Go to Source
Author: Rhodilee Jean Dolor