Nasdaq updates its filing for BlackRock’s Bitcoin ETF listing

Nasdaq has added Coinbase as a partner for joint market surveillance in the updated the 19b-4 form for the spot Bitcoin-ETF from BlackRock.

According to the statement, Nasdaq reached a preliminary agreement with the crypto company. The final agreement is expected to be signed before trading begins.

“It is expected that the Spot BTC SSA will become a bilateral market-surveillance arrangement between Nasdaq and Coinbase, designed to complement the exchange’s respective program,” the document says.

This move followed reports that last week the U.S. Securities and Exchange Commission (SEC) warned Nasdaq and CBOE regarding filings for spot Bitcoin ETFs by BlackRock, Fidelity and others. The regulator deemed them not to be ‘clear and comprehensive’.

Invesco, VanEck, 21Shares, WisdomTree and Fidelity promptly submitted to the SEC revised proposals. Corresponding changes to the 19b-4 form were made by their purported exchange partner CBOE. BlackRock had previously included a joint-surveillance mechanism in the filing.

Analysts at Bernstein believe that the SEC will not be able to stick to its negative stance toward spot ETFs based on the first cryptocurrency for long. Experts noted that the regulator has already approved futures-based Bitcoin funds (ProShares and Valkyrie Investments), including with leverage from Volatility Shares.

Earlier, Circle CEO Jeremy Allaire predicted that the recent wave of filings to launch spot ETFs based on digital gold would lead to SEC approval.