Coinbase ($COIN) Price Jumps By 12% As BlackRock Files For Bitcoin ETF Again

BlackRock’s new filing of Bitcoin ETF has benefited Coinbase ($COIN) price significantly. In its most recent filing on Monday, Nasdaq, where the BlackRock bitcoin ETF will be listed, designated Coinbase Global Inc. as its partner for a surveillance sharing arrangement. Some market participants theorized that this partnership could be a crucial factor in obtaining the SEC’s clearance for the BlackRock Bitcoin ETF. 

COIN stock price has increased by 12% as a result of the action, and today’s crypto markets have continued their upward trend. Several fund managers, including BlackRock, were required to resubmit their ETF applications after the SEC said that those made by Nasdaq and Chicago Board Options Exchange (Cboe) on their behalf were “inadequate.”

BlackRock Chooses Coinbase As Partner

The persistent effort to gain approval for the country’s first Bitcoin Exchange Traded Fund (ETF) reveals the growing interest from institutional investors. Additionally, interested retail traders can always buy actual Bitcoin units on a variety of websites, including Coinbase and Bitcoin Depot.

Details of a deal reached between the Nasdaq and Coinbase last month were revealed in the filing. Access to spot BTC trade data and “supplementing the exchange’s market surveillance program” were the intended benefits of the agreement.

If the BlackRock Bitcoin ETF is approved, Nasdaq “expects to receive market data for orders and trades from Coinbase,” which it will use to monitor trading.

The reapplication considerably increased the likelihood that the SEC would approve the Bitcoin ETF backed by BlackRock. According to experts, the SEC shouldn’t claim that Coinbase is running an illegal enterprise because the government and major organizations utilize it to access the liquidity of cryptocurrencies. 

Coinbase Stock price Climbing Up

As the crypto markets stabilized in 2023, Coinbase’s company stock has enjoyed a strong run. Compared to crypto markets, which have increased by about 52% during the same period, COIN has increased by more than 140% since the year’s commencement.

At the time of writing, the total cap of the cryptocurrency markets had risen by 1% on the day and now stands at $1.21 trillion. Although it reached a new local high, Bitcoin is still unable to move over $31,000 due to strong resistance.