Intriguing discussion on twitter today:
JUST IN: ARK has amended their 19b-4 for spot bitcoin ETF to include a surveillance sharing agreement bt CBOE and a crypto exchange (likely Coinbase), which makes their's like BlackRock's filing now, and puts them in pole position to be approved first bc they filed first.
Eric Balchunas
@EricBalchunas
This adds another twist to the plot bc SEC decision due on this in August, if they delay it is bad sign for approval unless, they delay and then approve BlackRock, which shows favoritism. Grayscale decision announcement also plays into timing of all this. GRAB THE POPCORN.
Eric Balchunas
@EricBalchunas
Nate also brings up another twist: would BlackRock (who doesn't play) even allow Coinbase to enter into a SSE agreement with another that would help another issuer beat them to market? If so ARK would need another crypto exchange to use.
Nate Geraci
@NateGeraci
Have to assume BlackRock was already well aware of ARK's filing...
They're not rolling out the red carpet for another issuer. Guessing Coinbase enters into SSA w/ Nasdaq first (and maybe only - at least initially).
Nate Geraci
@NateGeraci
The trick is they have to get the spot exchange to actually enter into a surveillance sharing agreement...
Potentially the same exchange that BlackRock already has a partnership with.
Eric Balchunas
@EricBalchunas
Yeah I assumed no issue entering with both but you make a good point, blackrock could use their leverage to force Coinbase to use only them ?
https://twitter.com/EricBalchunas/status/1674055780058771463
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