COIN Shares Soar 10% After Cboe Includes Coinbase in BTC ETF App
• Cboe Global Markets filed amended applications for three spot BTC exchange-traded funds, adding Coinbase as a surveillance partner.
• The news caused Coinbase’s shares to surge by 10%, trading at nearly $90 – the highest in 11 months.
• A possible approval of a spot BTC ETF in the USA could further fuel a price rally for Coinbase’s stocks.
Cboe Global Markets Files Amended Applications
Cboe Global Markets has filed amended applications of three spot BTC exchange-traded funds, adding surveillance-sharing agreements with Coinbase – one of the world’s leading cryptocurrency exchanges. This news caused the company’s shares to spike to nearly $90 – the highest it has been in 11 months.
SEC Investigation into Coinbase
The US Securities and Exchange Commission (SEC) is currently investigating Coinbase on a number of issues, including allegations of insider trading and improper disclosures about its operations. It remains unknown whether this legal battle will affect the SEC’s decision regarding the launch of such a product.
Price Rally Potential for COIN Shares
A potential approval of a spot BTC ETF in the USA could potentially fuel an additional price rally for Coinbase’s stocks. Several world’s largest asset managers – BlackRock, Invesco, Valkyrie, and other finance giants have expressed interest in launching similar products.
Impact on Cryptocurrency Market
The approval of an ETF could have a positive impact on cryptocurrency markets by increasing liquidity, improving market efficiency and providing more ways for investors to gain exposure to digital assets without having to actually own them physically or trade them on exchanges directly.
The introduction of regulated crypto products is seen as an important step towards mainstream adoption and will open up new opportunities for institutional investors across different types of digital assets. It remains unclear when or if these products will be approved by regulators but their potential implications are worth keeping an eye on as they might significantly shape the future landscape of cryptocurrency markets worldwide