Nasdaq has resubmitted a 19b-4 form for the iShares Bitcoin Trust, a spot bitcoin ETF led by BlackRock, while also naming Coinbase as its surveillance partner. This action follows similar filings made by the Cboe exchange last week.
According to the filing, Nasdaq has entered into a surveillance-sharing agreement with Coinbase, with the expectation of finalizing a definitive agreement prior to trading. Termed as the “Spot BTC SSA,” this bilateral agreement aims to enhance Nasdaq’s market surveillance program.
This decision was prompted by a report in The Wall Street Journal, which stated that the U.S. Securities and Exchange Commission had advised Nasdaq and Cboe that the recent filings for spot bitcoin ETF funds by BlackRock, Fidelity, and others were not adequately clear and comprehensive.
In response, Cboe promptly made updates to its filings for separate spot bitcoin ETF proposals, including one introduced by Fidelity. The exchange included language indicating its intention to establish a surveillance-sharing agreement.