Nasdaq refiled a 19b-4 form for the iShares Bitcoin Trust, a spot bitcoin ETF with BlackRock at the helm. The move followed similar filings last week from the Cboe exchange.
The exchange said it reached an agreement with crypto exchange Coinbase to enter into a surveillance-sharing agreement, with an expectation that a “definitive agreement” will be done ahead of trading, according to the filing.
"The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the Exchange’s market surveillance program," the filing reads.
The move came after The Wall Street Journal reported last week that the U.S. Securities and Exchange Commission told both Nasdaq and Cboe that recent filings from BlackRock, Fidelity and others for spot bitcoin ETF funds were not "clear and comprehensive."
Cboe then quickly updated its filings for the separate spot bitcoin ETF proposals, including one proposed by Fidelity. The exchange included language that it expected to enter into surveillance sharing agreements with Coinbase.
The race to a spot bitcoin ETF
Nasdaq’s proposal for the BlackRock fund was first filed last month.
The SEC has not yet approved a spot bitcoin ETF. Proposals could face headway from the agency as it has repeatedly cited concerns of fraud and market manipulation when assessing past applications.
Blackrock's aggressive fee reduction in the competitive ETF market sets a benchmark, but uncertainties surrounding SEC approval pose challenges. As the industry strives for lower fees, the outcome of the SEC's investigation will play a pivotal role in shaping the future landscape of spot Bitcoin ETFs.
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