Cboe Refiles Fidelity Bitcoin ETF Application, Will Work With Coinbase To Counter Market Manipulation
Portfolio Pulse from Bibhu Pattnaik
Cboe has refiled an application with the SEC for a Bitcoin ETF by Fidelity Investments and will work with Coinbase to ensure safeguards against market manipulation. Cboe also refiled listing applications for Bitcoin ETFs from WisdomTree, VanEck, and a joint effort between Invesco and Galaxy. The SEC has previously raised concerns over the lack of clarity and comprehensiveness in applications for Bitcoin ETFs.
July 01, 2023 | 2:43 pm
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NEGATIVE IMPACT
The SEC raised concerns with Nasdaq over the filing for a spot Bitcoin ETF from BlackRock.
The SEC's concerns could delay or even prevent the approval of BlackRock's Bitcoin ETF, which could negatively impact its stock.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The SEC's pushback on Bitcoin ETF applications has not turned sentiment bearish, according to a senior market analyst at Oanda.
While the SEC's pushback could potentially delay the approval of Bitcoin ETFs, the market sentiment remains positive, indicating a neutral impact on Bitcoin's price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Coinbase will work with Cboe to ensure safeguards against market manipulation during the ETF launch process.
The partnership with Cboe could enhance Coinbase's reputation and credibility in the market, potentially leading to a positive impact on its stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80