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Coinbase’s shares spiked to almost $90 following the news that exchange operator Cboe Global Markets filed amended applications of three spot BTC exchange-traded funds, adding surveillance-sharing agreements with Coinbase.<\/span><\/p>\n The US Securities and Exchange Commission has yet to decide on the launch of such a product. It remains unknown whether the lawsuit filed against Coinbase by the watchdog will affect its final ruling.<\/span><\/p>\n Cboe Global Markets \u2013 an American company that owns the Chicago Board Options Exchange \u2013 mimicked Nasdaq’s move and <\/span>filed<\/span><\/a> applications to list and trade shares of three spot BTC ETFs, including one by Fidelity Digital Assets. Just like the online global marketplace, Cboe added the US-based crypto exchange as a surveillance partner.<\/span><\/p>\n The exchange’s shares reacted positively to the development, surging by 10% and exceeding $90 at one point. The last time COIN traded that high was in August 2022. Possible approval of a spot BTC ETF in the USA might fuel an additional price rally for Coinbase’s stocks. The world’s largest asset managers <\/span>black rock<\/span><\/a>Invesco, Valkyrie, and other finance giants have aspirations to do the same.<\/span><\/p>\n The SEC, though, has started a legal battle against Coinbase, accusing<\/a> the marketplace of violating several rules and offering trading services with alleged unregistered securities, such as MATIC, SOL, and ADA. The spat between the entities might play a role in the Commission’s final decision.<\/span><\/p>\n Some experts argued that the SEC should greenlight a spot BTC ETF if the interested firms prove the safety of the product. Such is the former Chairman of the securities regulator \u2013 Jay Clayton \u2013 who recently <\/span>explained<\/span><\/a> the recent filing spree as an “incredible development.”<\/span><\/p>\n The global asset manager spearheaded by the crypto proponent Cathie Wood \u2013 Ark Invest \u2013 sold<\/a> 135,152 COIN shares for approximately $12 million. <\/span><\/p>\n This is rather unusual for the company, which tends to accumulate Coinbase shares instead of disposing of them. it <\/span>purchased<\/span><\/a> $9.2 million worth of COIN in February and <\/span>added<\/span><\/a> another $21.6 million shortly after the SEC filed its lawsuit against the exchange last month.<\/span><\/p>\n Ark Invest has also joined the spot BTC ETF race. It recently <\/span>modified<\/span><\/a> its filing, saying it will enter into a surveillance sharing agreement (SSA) with “an operator of a United States-based spot trading platform for Bitcoin.”<\/span><\/p>\n CEO Wood <\/span>shared<\/span><\/a> an optimistic view, believing her entity will be the first to receive the long-awaited approval from the SEC.<\/span><\/p>\nRising to Almost One-Year High<\/span><\/h2>\n
<\/span><\/p>\nArk Invest Saw a Selling Opportunity<\/span><\/h2>\n
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