Trading on July 3 saw double-digit gains for Coinbase, MicroStrategy and a number of mining companies. Investors could have reacted to news around filings to launch spot Bitcoin-ETF.
On June 30, sources at the WSJ said that SEC returned the filings, because they lacked sufficient information regarding the so-calledjoint surveillance agreement or details of this mechanism. The latter became a key addition to BlackRock’s proposalBlackRock.
The next day Bloomberg reported that Invesco, VanEck, 21Shares, WisdomTree and Fidelity sent updated filings to the Commission in light of the regulator’s critique.
The listed firms included in their proposals a note that in joint surveillance they would receive support from the exchange Coinbase. Against this backdrop, the platform’s shares jumped 12.8%, reaching late-March levels ($80.7).
Against the backdrop of Bitcoin prices rising to around $31,000, demand for mining stocks and MicroStrategy grew. The latter added as a reserve asset 152 333 BTC (~$4.73 bn).
The securities of the analytics-software provider rose 13.3%, to $387.9. The last time the firm’s market capitalisation was at such highs was in April 2022.
Riot Blockchain and Marathon Digital Holdings shares rose 14.6% and 12.9%.
Circle CEO Jeremy Allaire forecasted that the recent wave of filings for launching cryptocurrency spot ETFs backed by digital gold would lead to regulatory approval.