Cboe updates applications for spot Bitcoin ETFs


July 12, 2023


Olumide Adesina

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Cboe announced on July 11th that it has submitted multiple Bitcoin Spot ETF amendments and signed a Surveillance Sharing Agreement (SSA) with Coinbase.

As of late June, Cboe has applied for spot Bitcoin ETFs on behalf of multiple asset managers. The Wall Street Journal reported that the United States Securities and Exchange Commission (SEC) returned these documents to Cboe. The regulator has reportedly disputed the fact that the proposal neither names nor details the spot bitcoin exchanges that will offer surveillance-sharing arrangements.

Cboe responded by resubmitting various applications on June 30, suggesting that it “expects” the exchange to complete an SSA with Coinbase.  However, those filings only describe a preliminary agreement between Cboe and Coinbase, with the latest filing dated June 11 stating that the exchange has “reached an agreement on terms” with Coinbase. showing. An agreement was reached on June 21.

The latest application is for a Spot Bitcoin ETF proposed by the following five applicants: Fidelity, Invesco, WisdomTree, Van Eck, Ark 21 stocks.

Nasdaq, which handles other companies' ETF applications, also set up Coinbase and SSA. The update is referenced in the July 3 filing for the BlackRock ETF and the June 29 filing for the Valkyrie Investments ETF. SSA is key to future ETF approval

The U.S. Securities and Exchange Commission (SEC) has previously rejected spot Bitcoin ETF applications and related proposed rule changes, citing insufficient oversight. Specifically, regulators have so far determined that the proposed arrangements are not sufficient to prevent market manipulation in all cases.