Coinbase Jumps 12% After Spot Bitcoin ETF Partnership Reveal: Here's Why
Coinbase has seen its share price jump 12% after its spot Bitcoin ETF partnership was revealed. The surge comes amidst growing anticipation surrounding the potential approval of spot Bitcoin ETFs in the United States. Indeed, its connection with Fidelity, and others, in their development plays a crucial role.
Now, Coinbase has seen its share price jump 12% after its spot Bitcoin ETF partnership was revealed. Indeed, The Block reported the price surge following the revelation that the exchange is working with multiple ETF issuers.
COIN was surging Monday after it was revealed that it has partnerships with a wide-range of ETF issuers each vying for a spot bitcoin fund. The persistent effort to gain approval for the country’s first Bitcoin Exchange Traded Fund (ETF) reveals the growing interest from institutional investors.
BlackRock's re-filed Bitcoin ETF application and its naming of Coinbase as its surveillance partner have led to a 12% surge in Coinbase stock. The pact, intended to “supplement the exchange’s market surveillance program,” provides Nasdaq access to spot BTC trade data. The report revealed that should BlackRock’s Bitcoin ETF be approved, Coinbase will play a key role in monitoring the Bitcoin market. Coinbase was trading up more because of this positive news. The market interprets Coinbase's role as a sign of legitimacy and increased chances of ETF approval.