On July 3rd, Nasdaq revealed that BlackRock, the world’s largest asset management company, has refiled its application for a Bitcoin spot ETF (Exchange-Traded Fund).
This move has created significant momentum for Coinbase stock and the cryptocurrency market as a whole.
BlackRock is among several fund managers that have had to withdraw their ETF registration filings as the Securities and Exchange Commission (SEC) declared the applications submitted on their behalf by Nasdaq and the Chicago Board Options Exchange (CBOE) as “incomplete.”
Nasdaq “hopes to receive market data for order entries and trades from Coinbase,” and this data would be used to monitor the trading of the BlackRock Bitcoin ETF if approved, according to reports.
The SEC has given green light to some Bitcoin futures ETFs but has not yet approved a Bitcoin ETF.
CBOE resubmitted its registration filings for several other companies seeking to launch Bitcoin spot ETFs last week. These include Fidelity, WisdomTree, VanEck, and Invesco, all of which have listed Coinbase as a shared oversight partner.
Coinbase stock rose nearly 12% on June 3rd in response to the validation from BlackRock. As a result, COIN was trading at $80.98 in after-hours trading on July 4th, according to MarketWatch.
The company’s stock has experienced steady growth in 2023 as the cryptocurrency market recovers. COIN has seen a significant increase of 140% since the beginning of the year, outperforming the overall cryptocurrency market, which has risen by approximately 52% during the same period.