On Monday, COIN soared as it was disclosed that the company is working with a number of ETF providers bidding for a spot Bitcoin fund.
News that the cryptocurrency exchange is working with Fidelity and other issuers on potential spot Bitcoin exchange-traded funds sent Coinbase’s price up by over 12% at noon EDT.
The stock price has been up almost 138% since the beginning of the year, helped in no little part by these gains. Although Bitcoin was trading up 1.37% on Monday, it lagged behind the rest of the cryptocurrency market.
The asset management company Fidelity resubmitted its application for a spot bitcoin ETF on June 30, which made Coinbase the subject of news coverage. The company said that Coinbase will be collaborating with it to assist detect and prevent spot market manipulation.
After the SEC expressed concern that Fidelity’s first submission was insufficient since it did not identify the exchange with which it had a market monitoring arrangement, Cboe, a major equities trading venue, resubmitted the application.
Similarly, Cboe resubmitted listing applications for VanEck, WisdomTree, and Invesco, all of which were specifically named Coinbase.
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