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    Nasdaq Resubmits Valkyrie’s Bitcoin ETF Application, Enlists Coinbase as Surveillance Partner

    Nasdaq takes a progressive step towards listing a spot Bitcoin ETF by collaborating with Coinbase for enhanced surveillance measures.

    In a significant move towards expanding the landscape of cryptocurrency investment opportunities, Nasdaq stock exchange has resubmitted Valkyrie’s application for a spot Bitcoin exchange-traded fund (ETF) in the United States. Notably, this filing marks a notable departure from previous attempts, as it incorporates a pioneering “surveillance-sharing agreement” with leading cryptocurrency exchange Coinbase.

    The recent filing, documented on July 3, was made with the U.S. Securities and Exchange Commission (SEC), outlining Nasdaq’s proposal for a rule change that would enable the listing of Valkyrie Bitcoin Fund’s spot Bitcoin ETF. Notably, this filing also sheds light on a crucial partnership formed on June 30 between Nasdaq and Coinbase, which aims to provide the former with supplementary access to data concerning spot Bitcoin trades.

    This progressive step taken by Nasdaq follows in the footsteps of other prominent asset managers, such as BlackRock and Fidelity, who have submitted similar refilings within the past seven days. These refilings specifically include provisions for surveillance-sharing agreements. Interestingly, on June 30, the SEC expressed its desire for greater clarity and comprehensiveness in crypto ETF filings with Nasdaq and Cboe, subtly suggesting that surveillance arrangements could prove advantageous for applicants seeking regulatory approval.


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    Valkyrie’s latest endeavor to secure SEC approval for a spot Bitcoin ETF commenced in June, although the asset manager’s pursuit of such an investment vehicle dates back to 2021. Notably, Valkyrie achieved success in October 2021 by launching an ETF linked to Bitcoin futures. However, the SEC has yet to approve any spot ETFs associated with cryptocurrencies, leaving many firms unsuccessful in their attempts to introduce such investment products.

    Over the past few years, numerous firms have submitted applications to the SEC for crypto investment vehicles, only to be met with rejection. Following the SEC’s denial of its spot Bitcoin ETF in June 2022, Grayscale Investments even resorted to legal action, alleging inconsistent treatment of similar investment vehicles by the regulatory body.

    In light of these developments, Nasdaq’s decision to resubmit Valkyrie’s Bitcoin ETF application, alongside its collaboration with Coinbase, showcases a growing commitment to leveraging robust surveillance mechanisms to address regulatory concerns. By providing Nasdaq with supplemental access to real-time data regarding spot Bitcoin trades, Coinbase’s involvement further bolsters the credibility and transparency of the proposed ETF.


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    As the industry eagerly awaits the SEC’s response to Nasdaq’s renewed application, the potential approval of a spot Bitcoin ETF would undoubtedly signify a significant milestone for the cryptocurrency market. Investors would gain access to a regulated, exchange-traded product that offers exposure to Bitcoin’s spot price, further bridging the gap between traditional financial markets and the ever-expanding realm of digital assets.

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