Nasdaq has submitted to the SEC an updated application to launch a spot exchange-traded fund based on digital gold on behalf of Valkyrie Funds. The document adds a reference to Coinbase as a partner in the so-called joint surveillance agreement.
This mechanism became a key addition to BlackRock’s proposal.
After criticism by the Commission of its details Nasdaq, on behalf of the management company , filed a revised application taking into account the recommendations. Similarly, Invesco, VanEck, 21Shares, WisdomTree and Fidelity did, too, with documents that likewise did not reflect this specificity.
Valkyrie, which initially filed the proposal after its rivals, reacted later than others. The initial version contemplated listing on Nasdaq and tracking the asset’s value based on the CME CF index.
Analysts at Bernstein say that regulators will not be able to maintain a negative stance toward spot ETFs based on the first cryptocurrency for long.
Circle CEO Jeremy Allaire forecast that the recent wave of applications to launch spot ETFs based on digital gold will lead to SEC approval.