In the frantic race to launch a Spot Bitcoin ETF cash in the United States, Chicago Board Options Exchange And Coinbase have taken an important step. Indeed, we have just learned that the two companies have announced the entering into a supervisory agreement which paves the way for the establishment of an agreement for several Bitcoin Spot ETFs.
These are amendments for 5 ETFs that were tabled by Cboe, declaring in one of them:
“On June 21, 2023, the Exchange entered into a terms agreement with Coinbase, Inc. (“Coinbase”), an operator of a U.S.-based spot trading platform for Bitcoin which accounts for a substantial portion of the assets American and denominated in USD. Bitcoin trading, to enter into a Surveillance Sharing Agreement (“Spot BTC SSA”) and execute an associated term sheet”
The stakes are considerable. Fidelity, WisdomTree, VanEck and Invesco/Galaxy are all major investment players affected by these amendments which consolidate the sharing agreement.
Note, however, that the relationship between Coinbase and the US regulator are not looking good. Coinbase has repeatedly had to come under attack from the SEC, nevertheless, the platform, resilient, has also been able to defend itself against the American financial policeman with a sometimes deleterious attitude. Case to follow.