Cboe Immediately Updates Bitcoin ETF Spot Profile After SEC Complaint

Key Points:

• Cboe re-filtered five spot bitcoin ETF proposals on Friday following reports that the SEC had requested more information.
• Cboe said it expected to sign a custody-sharing agreement with Coinbase.
• Previously, the Exchange Operator, on behalf of five issuers of a spot bitcoin ETF filed it back with the SEC on Friday.

Exchange operator Cboe Global Markets Inc. updated the filings for the spot bitcoin ETF on its website shortly after the SEC said that the spot bitcoin ETF filings were not clear and comprehensive.

Cboe, on behalf of five issuers of a spot bitcoin ETF filed with the SEC on Friday. Updated filings have been submitted to the Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, and Wise Origin Bitcoin Trust.

The refreshed filing is intended to address concerns raised by the U.S. Securities and Exchange Commission (SEC). According to these people, the agency notified exchanges Nasdaq and Cboe Global Markets, which had submitted applications for asset managers such as BlackRock and Fidelity Investments, that the files needed to be more precise and thorough.

One key issue is that the exchanges did not name the cryptocurrency trading platforms they plan to enter into custody-sharing arrangements to help detect fraud in the underlying Bitcoin market.

The filings, in the second iteration, named Coinbase as part of a custody-sharing agreement for ETF applications by Wise Origin, WisdomTree, VanEck, and Invesco Galaxy.

The updated document states that the product, The Spot BTC SSA, will show signs of a custody-sharing agreement split between the two. The filing says that setup will allow additional access to data related to spot Bitcoin transactions on Coinbase if the exchange determines it is necessary as part of a monitoring program.

Following the wave of BlackRock is a wide range of traditional and crypto asset managers. In recent days, Fidelity Investments, Cathie Wood’s Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management, and Valkyrie have all revived or revised their applications for spot Bitcoin ETFs.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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