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Fidelity Investments has led a handful of firms that have filed a fresh set of applications for a spot-Bitcoin exchange-traded fund to add new details after the US Securities and Exchange Commission (SEC) indicated that the initial filings were insufficient.The companies which also include Invesco, VanEck, 21Shares and WisdomTree are among eight that are seeking to launch what would be an initial crop of US spot Bitcoin ETFs. BlackRock Inc. set off the wave with its surprise filing for such a fund in mid-June. All of the five that refiled Friday indicated that Coinbase Global Inc. will provide market surveillance in support of their funds, a fact that wasnt included in previous iterations. Crypto market surveillance may be key to gaining SEC approval for a spot Bitcoin ETF. The surveillance can dramatically reduce fraud and market manipulation, which were top reasons the agency rejected around 30 spot Bitcoin ETF applications to date.Coinbase is also in line to provide various services for the other proposed fund issuers, according to a person familiar with the matter who wasnt authorized to speak about the deals publicly. Besides BlackRock, these companies include Valkyrie and Bitwise. In a recent filing, 21Shares said Coinbase would provide custody services as well. The other issuers declined to confirm whether Coinbase would be involved.

Fans of digital assets are excited about the prospect of crypto potentially becoming more easily accessible to everyday investors, and the wave of filings has been a boon for token prices.

To be sure, rule filings arent effective until approved by the SEC.

Following BlackRocks filing for the ETF in mid-June, seven other firms filed or refiled for spot ETFs amid market optimism that the SEC will reverse its long-standing view that the funds shouldnt be allowed. In evidence of a partial thaw, the agency did allow ETFs tied to Bitcoin futures in 2021.

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Fidelity leads flurry of Bitcoin ETF refilings to answer US SEC - Economic Times