BlackRock Said It Will Finalize a Monitoring Agreement With Coinbase

BlackRock, the world's largest asset manager, has submitted an amended application for a spot Bitcoin exchange-traded fund (ETF).

The action was taken as a result of the Securities and Exchange Commission (SEC) stating that the applications submitted by Nasdaq and Cboe on behalf of these asset managers are "inadequate." BlackRock said it will finalize a monitoring agreement with Coinbase, addressing one of the primary concerns the SEC has previously expressed when rejecting requests for Bitcoin spot ETFs.

According to CoinMarketCap, Bitcoin (BTC) prices surged to new yearly highs of $31,389 after news broke that BlackRock has resubmitted its ETF application. Bitcoin's price has increased by around 20% since the filing was first made public on June 15 — partly as a result of more companies joining the fray and submitting their own ETF filings.

Last Friday, Cboe changed the market for its surveillance-sharing agreement, citing Coinbase, in its application for a spot ETF on behalf of Fidelity. Fidelity, WisdomTree, VanEck, ARK Invest, and Galaxy/Invesco have submitted applications with Cboe, while Blackrock is working with Nasdaq.

Due to worries about possible fraud or manipulation in the spot market, the SEC has not yet authorized a single application for such a spot ETF. In contrast, four Bitcoin futures ETFs have received SEC approval.