Breaking News: BlackRock Includes Coinbase SSA in Spot Bitcoin ETF Refiling!

The race for a spot Bitcoin ETF is heating up, and BlackRock is making strategic moves to stay ahead. The most recent filing involving asset manager BlackRock’s attempt to launch a spot Bitcoin exchange-traded fund (ETF) included a “surveillance-sharing agreement.” Now, BlackRock has included a Coinbase SSA in a Spot Bitcoin ETF, refining that for Monday. Indeed, the agreement is set to ensure that the exchange combats concerns.

This comes as Fidelity, WisdomTree, VanEck, ARK Invest, Galaxy/Invesco and BlackRock all filed for spot bitcoin ETFs over the past few weeks, hoping to succeed at launching a product. BlackRock's approach leverages Coinbase, the largest crypto exchange in the United States, for key aspects of the ETF's operation. The proposed ETF will rely on Coinbase as its custodian and for its spot market data for pricing. Coinbase also has an existing relationship with BlackRock, making this a logical partnership.

Following initial applications, Nasdaq refiled a 19b-4 form for the iShares Bitcoin Trust, a spot bitcoin ETF with BlackRock at the helm. The move followed similar filings last week from the Cboe. Notably, Nasdaq re-applied to list a BlackRock-backed Spot Bitcoin ETF after clarifying to the SEC that it would work with Coinbase Global Inc (NASDAQ: COIN) through a surveillance sharing agreement (SSA). This agreement is crucial for addressing regulatory concerns regarding market manipulation and investor protection.

Asset management giant BlackRock initially filed an application with the Securities and Exchange Commission for a spot Bitcoin ETF using Coinbase for custody. If approved, it would mark a significant milestone for Bitcoin adoption and legitimize Bitcoin as an asset class for institutional investors. The inclusion of a Coinbase SSA demonstrates BlackRock's commitment to compliance and transparency, potentially increasing the chances of SEC approval.