Coinbase’s shares spiked to almost $90 following the news that exchange operator Cboe Global Markets filed amended applications of three spot BTC exchange-traded funds, adding surveillance-sharing agreements with Coinbase.

The US Securities and Exchange Commission has yet to decide on the launch of such a product. It remains unknown whether the lawsuit filed against Coinbase by the watchdog will affect its final ruling.

Rising to Almost One-Year High

Cboe Global Markets – an American company that owns the Chicago Board Options Exchange – mimicked Nasdaq’s move and filed applications to list and trade shares of three spot BTC ETFs, including one by Fidelity Digital Assets. Just like the online global marketplace, Cboe added the US-based crypto exchange as a surveillance partner.

The exchange’s shares reacted positively to the development, surging by 10% and exceeding $90 at one point. The last time COIN traded that high was in August 2022.

Possible approval of a spot BTC ETF in the USA might fuel an additional price rally for Coinbase’s stocks. The world’s largest asset managers – BlackRock, Invesco, Valkyrie, and other finance giants have aspirations to do the same.

The SEC, though, has started a legal batt