Coinbase Stock (COIN) Explodes After Crypto Exchange Named in New Bitcoin ETF Filing

Shares of Coinbase (COIN) are up after news that exchange operator Cboe Global Markets has refiled its spot Bitcoin exchange-traded fund (ETF) application.

The U.S Securities and Exchange Commission (SEC) previously rejected Cboe’s application, which was filed on behalf of financial giants BlackRock and Fidelity, for being unclear and incomprehensive.

Bloomberg senior ETF analyst Eric Balchunas said at the time that there were certain details that the SEC wanted, including the naming of a crypto exchange to help facilitate the ETF.

“Basically [the] SEC wants them to name the ‘crypto exchange’ and give more details on [surveillance agreement]. That’s understandable, arguably good news. I was under [the] impression they’d have to update that as well.”

Now, a refiling of the application has been sent through that says Coinbase has agreed to enter into a “surveillance-sharing agreement” with the Nasdaq Stock Exchange for the proposed Bitcoin ETF.

While the SEC looks at the new ETF application involving Coinbase, the regulator is also in the middle of a lawsuit it filed against the crypto exchange last month alleging the company was selling unregistered securities.

Coinbase has since filed a motion to dismiss the SEC’s lawsuit, arguing that the regulatory body lacks jurisdiction and that its transactions don’t qualify as securities.

COIN shares are up 11% since the latest ETF filing and are now up 154% from their all-time low of $31, currently trading just below $80.

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Featured Image: Shutterstock/YanaBu