Shares of leading crypto exchange Coinbase experienced a remarkable 16% surge on Tuesday following the establishment of a surveillance-sharing agreement with Cboe’s BZX Exchange for five spot bitcoin exchange-traded fund (ETF) applications.

The shares reached a peak of $92.15 as the agreement, settled on June 21, was disclosed in amended filings with the Securities and Exchange Commission (SEC). In the original filings, Coinbase expressed its intention to enter into such an agreement with the exchange.

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According to the filing, “On June 21, 2023, the Exchange reached an agreement on terms with Coinbase, Inc., an operator of a United States-based spot trading platform for Bitcoin that represents a substantial portion of US-based and USD-denominated Bitcoin trading, to enter into a surveillance-sharing agreement (‘Spot BTC SSA’) and executed an associated term sheet.”

Amendments were submitted for all five ETF applications: Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares.

These surveillance-sharing agreements, also known as SSA, have become crucial elements in recent ETF applications. The SEC has long emphasized their importance in preventing market manipulation.

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In another development, Nasdaq, the securities exchange behind BlackRock’s bitcoin ETF application, also finalized an agreement with Coinbase, as stated in a filing dated June 29.

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Written by Agbo Obinnaya

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