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Nasdaq and Cboe Take Steps to Bitcoin ETF Venue, Partner with Coinbase for Increased Oversight

The Nasdaq and Cboe, two of the leading exchanges, are making significant strides in their pursuit of spot Bitcoin ETFs. Nasdaq recently filled out form 19b-4 for iShares Bitcoin Trust, with BlackRock leading the way. The filing includes plans for a control-sharing agreement with Coinbase.

The Nasdaq refining follows similar action from the Cboe exchange last week, as both exchanges seek regulatory approval. In response to concerns from the US Securities and Exchange Commission (SEC) regarding the clarity and completeness of BlackRock and Fidelity’s recent submission of spot Bitcoin ETFs, the Nasdaq and Cboe are taking steps to address these issues and ensure strong market oversight.

The completed Nasdaq Form 19b-4 outlines its intention to establish a bilateral control sharing agreement, Spot BTC SSA, between Nasdaq and Coinbase. This agreement is designed to complement the Nasdaq’s existing market surveillance program. According to the filing, the exchange anticipates concluding a “definitive agreement” with Coinbase prior to the start of trading, signaling a commitment to increase oversight and address regulatory issues.

The SEC’s cautious approach to discovering Bitcoin ETFs stems from persistent scams and fears of market manipulation. In response to SEC feedback, Cboe quickly updated its filing for separate spot Bitcoin ETF proposals, including one from Fidelity, and included language indicating its plans to enter into a supervisory-sharing agreement with Coinbase. The Nasdaq’s initial proposal for the BlackRock fund was submitted last month.

The partnership between Nasdaq, Cboe, and Coinbase marks a significant step towards realizing a spot Bitcoin ETF. This collaboration demonstrates a commitment to increasing market oversight and tackling regulatory issues, bringing digital asset investment opportunities closer to fruition.

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