2023-07-04 03:45:46 ET

Days after the United States Securities and Exchanges Commission (SEC) ruled that the previous spot

Bitcoin

exchange-traded fund (ETF) applications by BlackRock (

NYSE: BLK

), Fidelity and others were inadequate, BlackRock has amended and resubmitted its BTC ETF application.

The

amended application

was refiled by The Nasdaq exchange on behalf of BlackRock after the SEC found trouble with it’s first application.

Coinbase enjoined as a surveillance partner

In the new application, Nasdaq and

cryptocurrency exchange Coinbase

agreed to enter into a surveillance-sharing agreement. This was aimed at resolving one of the SEC’s primary concerns with the previous Bitcoin spot ETF filings.

Part of the filing reads:

“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.”

It is understood that SEC’s main objection to the filings was that a crypto exchange for the “surveillance-sharing agreement” needed to be included and sufficient details on the SSA were also required.

Fidelity to follow BlackRock after deal with Coinbase

Just like in the first time where BlackRock was the

first to apply for a Bitcoin spot ETF

on June 15, followed by filings from WisdomTree, Invesco, and finally, Fidelity, BlackRock is the first to resubmit its Bitcoin ETF.

However, Coinbase has also agreed to provide surveillance-sharing services to Fidelity, meaning we could also see Fidelity resubmit its BTC ETF filling soon. It is not clear whether WisdomTree and Invesco are considering refiling their application.

All eyes are now on the SEC, which has in recent weeks taken a very hard stand against

cryptocurrencies

, to see if it will approve the resubmitted Bitcoin ETFs.

So far, the US Securities and Exchange Commission (SEC) has not approved any spot Bitcoin ETF in the US. However, it has approved several futures-based exchange-traded funds, including the

ProShares Bitcoin futures ETF

which was approved in October 2021.

In June last year, the SEC refused to grant Grayscale’s application to convert its Bitcoin Trust (

OTCMKTS: GBTC

) product to a spot Bitcoin ETF. Grayscale sued the SEC and the case has not been determined yet.

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BlackRock resubmits its Bitcoin ETF application with the SEC

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