Coinbase shares surge as agreements for spot bitcoin ETFs are confirmed

Companies • July 11, 2023, 1:17PM EDT
Published 1 minute earlier on
The Block

Quick Take

  • Coinbase shares rose as much as 11% on Tuesday after Cboe amended filings for proposed spot bitcoin ETF funds to confirm a surveillance deal with the crypto exchange.

Coinbase shares rose as much as 11% amid confirmation that trading giant Cboe would rely on the crypto exchange to surveil market manipulation for proposed exchange-traded funds to be listed on its venue.

Cboe on Tuesday submitted amendments for five proposed spot bitcoin ETFs to say that it has “reached an agreement on terms” with Coinbase to enter into surveillance sharing agreements.

Shares were up 9.9% to $89.25 at 1:11 p.m. in New York, according to TradingView.

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Source: TradingView

Tuesday's rally adds to gains clocked in by the crypto exchange since the beginning of the year, which ratcheted up after BlackRock announced it would file for a spot bitcoin ETF. The firm's stock is up 144% since the beginning of the year. 


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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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