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Bitcoin-related stocks surged on Monday following the announcement on Friday that Cboe's BZX Exchange had refiled applications for several spot Bitcoin exchange-traded funds (ETFs), sparking investor enthusiasm in the market.
Shares of cryptocurrency exchange Coinbase (COIN) experienced a significant surge, surpassing $80 and increasing by over 10% at approximately 11:30 AM Eastern Time on Monday. This rise in value was primarily attributed to Coinbase being selected as the market for surveillance-sharing agreements in the ETF applications.
Cboe has collaborated with several providers in their efforts to secure approval from the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin ETF application. Notable partners in this endeavor include Fidelity, WisdomTree, and ARK Invest. At the same time, BlackRock (BLK) is also pursuing a similar path with Nasdaq.
Cboe resubmitted their applications to the SEC after their initial rejections due to the absence of the exchange name in their surveillance-sharing agreements. This time, they specifically identified Coinbase as the firm involved.
The upward trajectory of COIN closely paralleled that of BTC, which had surged approximately 2% above $31,000 at around the same moment.
Microstrategy (MSTR), the business intelligence company that holds more than $4.6 billion worth of bitcoin (BTC), experienced a significant surge in its shares, climbing approximately 10% to reach $375, marking their highest value in over a year.
Crypto analysts view the growing probability of the SEC approving a spot bitcoin ETF as a positive development for BTC, as it has the potential to streamline the adoption process for conventional investors who possess stock accounts.
