Nasdaq Files Revised Application for Valkyrie’s Bitcoin ETF, Adds Coinbase as Surveillance Partner

9:55 pm
July 5, 2023
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The Nasdaq stock exchange has refiled the application for Valkyrie’s spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The revised filing also includes a surveillance-sharing agreement with Coinbase.

The filing, made on July 3, seeks a rule change that would allow the listing of a spot Bitcoin ETF for the Valkyrie Bitcoin Fund. It includes details of an agreement with Coinbase, executed on June 30, which aims to provide Nasdaq with supplemental access to data on spot Bitcoin trades.

Similar filings have been made recently by asset manager BlackRock and Fidelity, including information on surveillance-sharing agreements. The SEC recently stated that crypto ETF filings with Nasdaq and Cboe were not sufficiently clear and comprehensive. The inclusion of surveillance arrangements could increase the chances of regulatory approval.

Valkyrie has made multiple attempts to apply for a spot BTC ETF with the SEC, with applications dating back to 2021. While the asset manager successfully launched an ETF linked to Bitcoin futures in October 2021, the SEC has yet to approve any spot ETF linked to crypto.

Other firms have also applied for crypto investment vehicles with the SEC in recent years without success. Following the denial of its spot Bitcoin ETF in June 2022, Grayscale Investments filed a lawsuit alleging inconsistent treatment by the regulator.

FAQ

What is a spot Bitcoin ETF?

A spot Bitcoin ETF is an exchange-traded fund that tracks the price of Bitcoin based on the spot market, where the underlying asset is physically held. This is different from an ETF that tracks Bitcoin futures contracts.

Why is the inclusion of Coinbase significant?

The inclusion of Coinbase as a surveillance partner in the application filing suggests that Nasdaq is taking measures to ensure proper monitoring of Bitcoin trades. This could address one of the SEC’s concerns regarding the lack of surveillance in the crypto market.

Why have previous Bitcoin ETF applications been denied?

Previous Bitcoin ETF applications have been denied due to concerns over market manipulation, lack of proper surveillance, and the risk associated with the underlying asset. Regulators have been cautious about approving such investment vehicles without sufficient safeguards in place.

What impact could regulatory approval of a Bitcoin ETF have?

Regulatory approval of a Bitcoin ETF could increase mainstream adoption of cryptocurrencies, as it would provide a regulated and accessible investment vehicle for institutional and retail investors. It could also contribute to the overall maturation of the crypto market.


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