Shares of Coinbase Global Inc (NASDAQ: COIN) surged by 16% following news of a surveillance agreement with Cboe's BZX Exchange for five Cboe spot Bitcoin exchange-traded funds. The agreement allows the BZX Exchange to access Coinbase data on spot BTC trades for market surveillance and fraud prevention.
The SEC has rejected all applications for a spot Bitcoin ETF since 2013, but there is speculation that a proposal may be approved this year. BlackRock's application for the iShares Bitcoin Trust ETF, which includes an SSA with Coinbase, is seen as a strong contender for approval.
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