Coinbase Soars Amid SEC Decision Speculation and BlackRock Partnership

Coinbase's share price has surged after being named on the refiled spot bitcoin ETF applications of major asset managers BlackRock and Fidelity. Analysts at Bernstein believe that the probability of a U.S. spot bitcoin ETF being approved is fairly high, suggesting that the SEC's opposition to such ETFs is hard to hold. The SEC has already approved futures-based bitcoin ETFs, but is concerned about the reliability and potential manipulation of spot prices. The recent flurry of spot bitcoin ETF bids has been deemed "inadequate" by the SEC, prompting asset managers to refile applications after agreeing to surveillance-sharing agreements with Coinbase. Bernstein's report also highlighted Grayscale's failed attempts to convert its Grayscale Bitcoin Trust into an ETF, which is currently before an appeals court.