The highlight of the past week is BlackRock’s application for a Bitcoin ETF, hitting the SEC’s ‘inadequate’ barrier. However, in a recent development, BlackRock has reapplied, citing Coinbase as a ‘Surveillance-Share’ partner. Meanwhile, analysts at brokerage Bernstein are quite hopeful about a spot Bitcoin ETF.
BlackRock Bbitcoin ETF reapply for
cryptocoin.comAs you follow, the US Securities and Exchange Commission (SEC) found the BlackRock Bitcoin ETF “inadequate” as they did not name the underlying market in their so-called ‘custodial-share’ deals. Nasdaq’s re-application to list the BlackRock Bitcoin ETF follows this report. The Nasdaq exchange has reopened its application to list BlackRock’s proposed Bitcoin exchange-traded fund. In this context, he named the US exchange Coinbase as the market to be followed in the ‘surveillance-sharing’ agreement. Thus, it joined its rivals in this regard.
Several other pending applications, including the application on behalf of BlackRock’s money management rival Fidelity, have been updated to name Coinbase as a partner in custody-sharing agreements. According to a reading of previous decisions by the SEC, the sponsor of a Bitcoin trust must enter into a custody-sharing agreement with a large regulated market to gain approval from regulators. According to Nasdaq’s new filing, the exchange reached a consensus on a custody-sharing agreement with Coinbase on June 8. According to the filing, Coinbase represented approximately 56% of Bitcoin/USD trading on US-based platforms year-to-date.
Money managers hope to succeed in launching a spot Bitcoin ETF that the SEC has rejected for years. Meanwhile, Bitcoin price has been on the rise following the development. The leading crypto managed to exceed the level of 31 thousand dollars at press time. On the other hand, Coinbase shares were also up about 8% on the day. In addition, stocks adjacent to Bitcoin are also on the rise. Accordingly, Microstrategy’s shares rose 35% in the past day.
Bernstein analysts hopeful for spot BTC ETF
In a recent report, analysts at brokerage Bernstein say that the chances of a spot Bitcoin ETF getting approval in the US are relatively high. Bernstein analysts acknowledge the SEC’s difficult stance on the matter. However, they remain hopeful in this regard. One of the key factors supporting the idea of a higher probability of approval is that the SEC has already approved futures-based Bitcoin ETFs.
Bernstein emphasizes that the SEC allows such ETFs, which derive their value from Bitcoin futures contracts, based on the assumption that the pricing of futures contracts comes from regulated exchanges such as the CME.
According to analysts, these precedents and the evolving regulatory environment indicate that the SEC may be increasingly open to exploring different investment products related to BTC and other cryptocurrencies. However, analysts led by Gautam Chhugani are highlighting the SEC’s concerns over the reliability of a spot BTC ETF due to the lack of oversight on spot exchanges like Coinbase.
According to the SEC, the lack of oversight on spot exchanges can make it difficult to ensure that spot prices accurately reflect the true value of Bitcoin and are not manipulated by bad actors.
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