Coinbase Stock Surges Following a CBOE Agreement of 5 BTC ETF Applications Surveillance

As per the recent development, CBOE has amended five Bitcoin ETF applications to include surveillance-sharing agreements with Coinbase. On July 11, the CBOE amended these filings with the SEC for the Bitcoin ETFs from Invesco, VanEck, WisdomTree, Fidelity, as well as the joint fund by ARK Invest and 21 Shares. The new filings show a change from ‘expecting to enter’ an agreement to ‘reached an agreement on terms.’ The initial filings for the ETFs stated that the parties involved were expecting to enter the SSA prior to filing for the ETFs.

These surveillance-sharing agreements can be defined as an attempt to meet the SEC standards revolving around the prevention of fraudulent conduct, as well as protecting investors. It is a fact that Spot Bitcoin ETF applications have been a topic of interest in the industry lately. The filings by Fidelity, Invesco, WisdomTree, and Valkyrie follow in the footsteps of BlackRock, which also filed an ETF application for SEC approval.

Coinbase Stock Surges Following a CBOE Agreement of 5 BTC ETF Applications Surveillance

Coinbase Continues to Make Moves

The development resulted in a major surge in the stock price of Coinbase, despite the broader financial market remaining considerably flat as a result of the anticipated CPI. The shares of the cryptocurrency exchange jumped as much as 16% following the agreement with CBOE.

At the time of writing, the Coinbase share has surged by almost 9.78% over the previous 24 hours and is currently available for purchase for approximately $89.15. Not too long after the finalization of the agreement, Coinbase stocks were witnessed to have crossed the $92 mark.

Coinbase Stock Surges as Coinbase Continues to Make Moves

Based on the amendments to the recent filings, it has come to light that the agreement was previously settled on June 21 for each of these applications. The earlier filings discussed the possibility of Coinbase entering into a surveillance-sharing agreement.

Despite taking a lead in the Bitcoin ETF applications, Coinbase is currently battling an ongoing lawsuit with the SEC for the previous few weeks. The regulator alleged that the cryptocurrency had been involved in actively violating securities law by selling unregistered securities to common users. At the same time, Coinbase argues that the SEC has not provided clear guidelines revolving around the regulation of cryptocurrencies despite being willing to comply.