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BlackRock re-files spot Bitcoin ETF naming Coinbase as SSA exchange

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(Kitco News) - BlackRock, the world’s largest asset manager, has resubmitted its spot Bitcoin (BTC) exchange-traded fund (ETF) application following Friday’s report that the Securities and Exchange Commission (SEC) returned the application for being “inadequate.”

The main issue with the original filing was that it lacked specificity on which exchange the firm would be partnering with for its surveillance-sharing agreement (SSA).

The updated application, which was filed by Nasdaq with the SEC on Thursday, shows that BlackRock reached an agreement with crypto exchange Coinbase to enter into an SSA, with an expectation that a “definitive agreement” will be finalized ahead of trading.

“The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the Exchange’s market surveillance program,” the filing said.

This move by BlackRock follows reports from Friday that multiple other firms, including Fidelity, ARK, WisdomTree, VanEck and Invesco/Galaxy, have all also re-filed their spot bitcoin ETF applications, naming Coinbase as the SSA exchange.

Bitcoin and the broader cryptocurrency market rallied after the original BlackRock ETF application was filed on June 15, with BTC climbing from $24,850 to a high of $31,480 on June 23 thanks to the momentum generated by the announcement.

BTC/USD Chart by TradingView

BTC price briefly pulled back below $30,000 on Friday after reports emerged that the SEC had rejected the applications, but has climbed back above $31,000 following the re-filing announcements. At the time of writing, Bitcoin is up 2% on the day and trading at $31,265.

Multiple spot Bitcoin ETFs refiled naming Coinbase as SSA exchange

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