In a dramatic redo, NASDAQ re-enters the Bitcoin ETF contest, breathing new life into the iShares Bitcoin Trust with the backing of industry titan BlackRock. This move follows in the footprints of similar filings by the Cboe exchange last week.
NASDAQ isn’t stepping into the ring alone, though. It announced a pact with renowned crypto trading platform Coinbase for a “surveillance-sharing” agreement. The expectation is to finalize this partnership ahead of the trading bell, according to the updated filing. This collaboration is essentially NASDAQ and Coinbase’s power-duo approach to bolster NASDAQ’s market surveillance program.
This redux comes on the heels of the U.S. Securities and Exchange Commission (SEC) shaking its head at recent filings from financial bigwigs like BlackRock, Fidelity, and others, citing their spot bitcoin ETF proposals lacked clarity and thoroughness. Not to be left in the dust, Cboe swiftly tweaked its own separate spot bitcoin ETF pitches, including the one by Fidelity. It too threw in its hat with Coinbase for a surveillance sharing pact.
No spot bitcoin ETF has yet seen a green light from the SEC. But the race is certainly heating up, as NASDAQ’s pitch for the BlackRock fund was just introduced last month. Nonetheless, every proposal must prepare to face potential obstacles from the SEC, who’ve previously expressed their concerns about fraud and market manipulation during their review of past applications.