Nasdaq Refiled for BlackRock's Spot Bitcoin ETF with Coinbase as Surveillance Partner

Nasdaq refiled for the iShares Bitcoin Trust, a spot bitcoin ETF with BlackRock. 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.

Last week, 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.

Fidelity, WisdomTree, VanEck, ARK Invest, Galaxy/Invesco and BlackRock all filed for spot bitcoin ETFs over the past few weeks, hoping to succeed at launching a product the U.S. Securities and Exchange Commission (SEC) has rejected for years. While BlackRock filed with Nasdaq, the other companies are working with Cboe.

Related: Cboe Refiles Fidelity Bitcoin ETF Application After SEC Deemed Prior Application Inadequate