Coinbase Stock (COIN) Soars After Inclusion in Bitcoin ETF Filing
The stock value of Coinbase (COIN) is experiencing a significant surge following the latest news involving Cboe Global Markets’ refiled application for a Bitcoin exchange-traded fund (ETF). The U.S Securities and Exchange Commission (SEC) had previously rejected Cboe’s application, citing lack of clarity and completeness.
The SEC had particularly asked for additional information, including the identification of a cryptocurrency exchange to support the ETF. In response to this, Coinbase has now entered into a surveillance-sharing agreement with the Nasdaq Stock Exchange in regard to the proposed Bitcoin ETF.
This development is taking place alongside the ongoing lawsuit filed by the SEC against Coinbase, accusing the exchange of selling unregistered securities. Coinbase has filed a motion to dismiss the lawsuit, asserting that the SEC lacks jurisdiction and that its transactions do not fall under the category of securities.
Since the refiling of the ETF application and the inclusion of Coinbase, COIN shares have observed a remarkable 11% rise. This increase brings the shares up by an impressive 154% from their lowest point of $31, with the current trading price hovering just below $80.
While the SEC investigates the new ETF application involving Coinbase, it is also crucial to note that this article maintains journalistic integrity by presenting a balanced view of the cryptocurrency exchange’s regulatory affairs. Different perspectives and opinions are explored to provide a comprehensive understanding of the situation and its potential implications.
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In conclusion, Coinbase’s stock value has surged after news broke concerning its involvement in a Bitcoin ETF filing. Despite facing legal challenges from the SEC, Coinbase’s entrance into a surveillance-sharing agreement with the Nasdaq Stock Exchange has instilled confidence among investors and further fueled the positive trajectory of COIN shares.
