BlackRock, Fidelity refile spot bitcoin ETF applications to address SEC's concerns

BlackRock ( NYSE: BLK ) refiled its application with the U.S. Securities and Exchange Commission through Nasdaq ( NASDAQ: NDAQ ) to roll out an exchange-traded fund that invests directly in bitcoin ( BTC-USD ), according to documents submitted on Monday. The asset manager's move to add new details to its proposed spot bitcoin ( BTC-USD ) ETF came after the SEC reportedly said recent applications by BlackRock ( BLK ) and others were inadequate. The new filing showed that BlackRock ( BLK ) chose crypto-trading platform Coinbase Global ( NASDAQ: COIN ) to be the market for surveillance-sharing agreements to help detect fraud, in an attempt to address concerns raised by the SEC that the initial filing was unclear and incomplete. COIN finished the shortened session 11.7% higher and bitcoin ( BTC-USD ) itself rose 1.6% to slightly above $31K at 2:47 p.m. ET, as the potential approval of the first U.S. spot BTC ETF could streamline adoption by stock investors. On top of that, Cboe Global Markets ( BATS: CBOE ) on Friday refiled paperwork with the regulator for a spot BTC ETF on behalf of Fidelity Investments in order to address the SEC's concerns that the original filing didn't mention the crypto exchanges that would help detect fraud in the underlying market, Reuters had reported , adding that Coinbase ( COIN ) was also chosen to provide market surveillance in support of the ETF. More on the crypto market: DAPP: Crypto Upside Unsustainable When Compared To Tech Crypto ETFs Back In The Spotlight Bitcoin's Dubious Rally